Granted the cap is 3 million in assets, but the problem is the government tends to change numbers OFTEN, remember when there would be no tax hike for the middle and lower classes only those that make over $250,000?check your paychecks. I know in this household we are no where near $250,000 yet we lost over $100 of our snowball a paycheck (every two weeks) due to them letting the tax exemption expire, and now they want to cut how much those on social security will receive for cost of living raises (after three years of NO cost of living raises at all). Plus the proposed budgets include MORE tax hikes.
Also, when they consider assets, are they talking ONLY cash assets ? Or are they talking assets in general? It may be one thing now, but will it stay that way in the future, or will they suddenly decide you should not have a paid for home, car AND a retirement fund?
I do not want this to turn into a political argument. What I want to say is WHO should put a limit on ANYONE if they have the gumption to put money back for their own retirement? Why should a person be punished for saving money over any certain limit?