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References in periodicals archive ?
Each month, as you put money into your Lifetime Savings Account, the government will put money in too.
"Why would anyone not buy term [insurance] and invest the difference with one of these so-called Lifetime Savings Accounts?" asks Woods.
The President's budget once again proposes a significant expansion of taxfree savings accounts, including the creation of Lifetime Savings Accounts and Retirement Savings Accounts (at a cost of $592 million over 10 years),as well as the Employer Retirement Savings Account (at a cost of $1.48 billion over 10 years).The GFOA and other associations representing the interests of state and local governments and retirement systems have consistently cautioned against the use of Employer Retirement Savings Accounts, which would consolidate 401(k), 457, and 403 (b) retirement accounts, maintaining that a one-size-fits-all approach may not necessarily address the needs of the public sector's diverse workforce and legal framework or increase retirement savings.
He also gave long odds on passage of Bush's idea for lifetime savings accounts, which would allow the taxpayer to save up to $2,000 annually.
I am not familiar with Grover Norquist, so perhaps I'm missing some form of satire, but I'm genuinely perplexed by his statement: "Bush wants to create Retirement Savings Accounts to allow every American to sock away up to $5,000 for retirement tax-free; similarly, the president has proposed Lifetime Savings Accounts allowing Americans to save $7,500 for education, housing, or health costs during their working lives."
The Bush plan calls for the creation of three new retirement vehicles: Lifetime Savings Accounts (LSAs), Retirement Savings Accounts (RSAs), and Employer Retirement Savings Accounts (ERSAs).
Olson said that implementation of the package of proposals for Retirement and Lifetime Savings Accounts is secondary to the enactment of the dividend exclusion and the acceleration of the individual tax cuts.
The Administration's proposal would create three new retirement savings accounts: (1) Retirement Savings Accounts (RSAs); (2) Lifetime Savings Accounts (LSAs); and (3) Employer Retirement Savings Accounts (ERSAs).
Life industry groups are criticizing the Bush administration for releasing a fiscal year 2008 budget proposal that supports creation of lifetime savings accounts but does not support creation of a tax advantage for an annuity for life.
The president's budget once again proposes a significant expansion of tax-free savings accounts--including the creation of lifetime savings accounts, retirement savings accounts, aim employer retirement savings accounts--at a cost of $15 billion over 10 years.
Lifetime Savings Accounts, the Medicare expansion, the Future Year Defense Plan--all cost far less in their first five years than afterward.