A strong majority of U.S. households is opposed to any proposal that will remove or reduce tax incentives for retirement savings, according to a survey by the Investment Company Institute.
The survey polled respondents about their views on defined contribution retirement account saving and their confidence in 401(k) and other DC plans, a timely topic in light of President Obama's proposal to eliminate tax incentives for defined contribution plans to help save the government money.
In fall 2013, 86 percent of households disagreed that the government should take away the tax advantages associated with 401(k) plans and 83 percent were against reducing the amount individuals can contribute to these retirement vehicles.
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