It isn’t a question of whether you will ever have 3 million in a retirement account, it’s that the government doesn’t have any right to tell you how much you may have, dictating what we “need”. ’From each according to his abilities, to each according to his need”.

The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts.

According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

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