My Personal Finance Journey

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New Tax-Advantaged Saving Options on the Horizon?

Contributed by mm | November 5, 2003 7:18 PM PST

WSJ article "Two Big Tax-Free Savings Plans To Get New Push by White House" reported that the Bush administration is trying to push two saving plans to Congress next year. The two accounts are:

Lifetime Saving Account: Each individual can contribute up to $7,500 per year in after-tax dollars. The money will grow tax-free, and people can withdraw money tax-free at any time for any purpose without penalty.

Retirement Saving Account: Each individual can contribute up to $7,500 per year in after-tax dollars. The money will grow tax-free, but Money cannot be withdrawn until some set age.

Unlike Roth IRA, there is no income caps for each of those accounts, so everyone can contribute up to the full amount (or up to the taxable income for that year).

It is definitely a good deal for me if the proposal can be passed in its current form. My wife and I can contribute up to $30,000 and let it grow tax-free. It's much nicer deal compared with 401(k) (if not for the 50% company match-up). More importantly, money being put in those accounts have enough liquidity (contributions can be withdrawn at any time).

The article correctly predicted 401(k) will be affected. If the new proposal becomes law, 401(k) plan without match-up will be no more tax-efficient as the Lifetime Saving Account, but with much less investment options.

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