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The Philadelphia Inquirer Personal Finance Column.
Byline: Jeff Brown
Nov. 10--Adding yet another layer of confusion for retirement savers, President Bush is said to be planning to revive a proposal for two new types of extraordinarily generous savings accounts.
Reports from Washington last week said the President would propose a new Lifetime Savings Account and Retirement Savings Account, each allowing an investor to put aside $7,500 a year. Withdrawals from both would be tax-free. There would be no income limit to determine who could have these accounts -- everyone could.
Money could be taken from the lifetime account at any time for any purpose, while money in the retirement plan would be available after the participant reached a certain age, which has yet to be specified.
These were proposed about a year ago but soon dropped in favor of the tax-cut package passed last spring.
Of course, there's no guarantee that they will be enacted this time or that the provisions won't change. But with Republicans in control in…
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Source: HighBeam Research, The Philadelphia Inquirer Personal Finance Column.
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