News

For Many, Retirement Savings Is out of Fashion

For Many, Retirement Savings Is out of Fashion

Financial advisors are asking for Washington lawmakers to help encourage people to save for their retirement.

Tom Iorio, a financial advisor from Rantoul who works for Edward Jones, says he met with members of Congress from Illinois this week to ask them not to reduce tax incentives for individual retirement accounts and 401(k)s.

“We do not need any more reason for people to not contribute to their retirement plan,” Iorio said. “They need an incentive, and this is certainly one of the greatest incentives that are provided for them.”

Those incentives include tax deferral on retirement contributions, as well as federal tax credits, such as the Retirement Savings Contribution Credit. Iorio says there’s been a push among federal lawmakers to reduce or eliminate those incentives to shore up tax revenues.

Recent Headlines

in Local

Changes Are Coming to Deer Hunting Rules

IL Deer

Late-winter antlerless loses some counteis, including Sangamon

in Local

Second Thoughts about Landfill Approval

IEPA-logo

Toxic waste is an issue

in Local

$1 Billion for Road Construction

pat-quinn

First big capital bill since Illinois Jobs Now! expired

in Local

High Poverty, Lower Mortality Rate Highlight Kids Count Report

voices

The state is helping a little, Voices for Illinois Children says.

in Local

Gunman Prompts Lockdown of Rural Springfield Mobile Home Park

sangamon county sheriff

Sangamon County Sheriff's Deputies say a lockdown at the Lincoln Place Mobile Home park in unincorporated Springfield near Riverton has ended.