An Obama Administration proposal to place a $3 million cap on individual retirement accounts could have a major impact on younger savers and small-business owners, industry experts said Wednesday. 

The impact of the proposal, unveiled as part of the White House spending proposal for fiscal 2014, wouldn't be felt by most Americans any time soon, but would most affect workers early in their careers and who are just now beginning to put money away.

"The desire for revenue is understandable considering fixing the national debt is a leading priority," said Neil Smith, executive vice president of strategic business and support services at Ascensus, a retirement plan solutions provider. "(But) if tax advantages are taken away or capped, we will surely see a decrease in retirement savings at a time when we need to encourage more retirement savings, not less."

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