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

US Rep. Davis: OK With Lawsuit Against Obama

davis

Whether President Obama winds up at the defense table or not, one of Illinois' Republican Congressmen is defending the move to sue him

in Local

Audit: State Wait Times for Nursing Care Claims 3 Months

state_capitol_1

Audit finds may seeking state-paid nursing home care have been waiting more than 90 days for a decision on their cases

in Local

The Fix for Illinois in 98 Steps

illinois flag

Ex-lawmaker, ex-revenue chief co-write new book

in Local

State Fairgrounds Repairs Are Ongoing

state fair logo

IHPA is also short of cash

in Local

A New Law Will Support Community Health Workers

local_news_generic

Sponsor: Current status is unofficial