The White House releases its 2016 budget today, and among other initiatives aimed at raising tax revenue from the richest of the rich, the Obama administration is proposing a cap on how much money a person can have in all of her retirement accounts combined. It suggests a ceiling of more than $3 million per person.
The vast majority of Americans will only ever dream of such a well-padded retirement. Even most of the rich wouldn't hit Obama's cap. In 2011, only one out of every 1,000 Americans had more than $3 million in their retirement accounts, according to the Employee Benefit Research Institute. But it's not clear how that number will change in the future.
