President Barack Obama, with acting Budget Director Jeffrey Zients, discusses his proposed fiscal 2014 federal budget. (AP Photo/J. David Ake)

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.

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