Retirement Accounts for the Ultra Wealthy | Business and Finance News

Senator Ron Wyden is pushing a bold new bill to cap the massive retirement accounts that billionaires are using to stash millions tax-free — a system originally designed to help everyday workers, not shelter fortunes. While 40% of Americans have no retirement savings and many others can’t afford to contribute, the ultra-wealthy are amassing tens of millions in tax-advantaged accounts, with some holding hundreds of millions. The tax breaks, meant to boost middle-class security, now overwhelmingly benefit high earners — costing the government trillions while leaving ordinary workers behind. The 401(k)’s creator admits it’s failing the very people it was meant to serve. It’s time to fix the system before it’s too late. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a8def866ddd4cfb0