In what is either a plan B instead of, or a prelude to, the future wholesale seizing of private retirement accounts*, the Obama administration has made plans to limit the amount of money that can be deposited into retirement accounts.
401K's, IRA's and such are pet targets for Leftist economists in our era. Allowing the public to defer tax payments on earned wealth until one can be taxed at a lower rate is something that certainly has long rankled Leftists, but only since the last two presidential elections have these individuals felt safe enough to overtly push to change the rules. Only the election of someone who advocated fundamentally transforming the United States could provide a sign that the electorate has changed sufficiently to make the coast clear for attacks on personal property. Only the reelection the same man, who apparently so desperately wanted to quit that he did everything he could to lose the 2012 election, proved that these attacks could go mainstream and become the new norm.
The White House has taken it upon themselves to determine how much annual income you need from your investments to live comfortably in your retirement.
"The [proposed 2014] budget will include a new proposal that prohibits individuals from accumulating over $3 million in IRAs and other tax-preferred retirement accounts. Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving. The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013. This proposal would raise $9 billion over 10 years."
This is exactly the same argument that the Leftist are using against privately-owned firearms; trying to force you to defend yourself by citing "needs" when the the issue is one of rights. They arbitrarily set a certain dollar amount, one that is not only based on a very generously predicted rate of return but also ignores the classic means to governmental seizure of property - inflation, and tell you that since this all that you "need", they will have to prevent you from earning any more than this upon retirement.