It is still too hard to open an IRA, too hard to add monye to one and too hard to move money from an IRA to a 401K. One part of SS reform needs to be a dramatic simplification of the IRA rules.

I do not understand this person's comments that it is "too hard to open an IRA or to add money to it". What they are really saying is "I'm either too lazy or uneducated to realize the value of regular saving, particularly into an income tax-protected financial instrument". One thing that I would agree with is that the current upper limits on how much money a person can set aside each year should be increased significantly so that "John Q. Ordinary Citizen" can set aside much more for his future needs.

30??? 1974???

Must be new, new math, unless he's talking about when the law was written.

I thought the accountant found the loophole in 1978.

I had my first 1 in 1982.

What are you talking about, Robert? I've had to open 3 in the past 5 years, it was easy.

Robert-

Call your broker it takes about 2 minutes (or walk into your friendly bank) Generally, you wouldn't move funds from a self-directed IRA into a 401k. No reason to. It would be easy however.

"Try explaining that to the Democrats"

I think many of them do understand. They just don't like what the consequences will be.

The problems are with the rules such as the one that you can't open an IRA if your income exceeds $90,000 or if you have a corporate pension plan.

--The problems are with the rules such as the one that you can't open an IRA if your income exceeds $90,000 --

If you own your own biz you can.

Robert-

I couldn't agree more. The rules are arbitrary and always open to revision. Just like tax law.

Sandy Not if you make money.

not if your income exceeds $90,000

If you are self-employed open a Keogh plan like I did. Up to 15% of your income can be salted away and there is no income ceiling. W raised the yearly contribution max to circa $50000 this year. It's almost as easy as opening IRA if you use an IRS approved 'model' plan. I used Fidelity's.

Robert: Anybody can open an IRA. It's the deducibility that changes based on income. If you're making that much, you should be looking into a Defined Benefit plan instead. You can put away WAY more than what a regular IRA allows.

I know all of the ins and outs. It is not me that I am worried about folks. I am really very comfortably provided for. It is millions of Americans who confront the needless complexity and rigamarole of the IRS rules. Many people who are covered by pension plans will not collect on them because their employers will file bankruptcy. We should encourage saving by making the process simple. Very simple. Can't srew it up simple no ins and outs simple. No qualifications simple.

Thanks for your concern though.