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.
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“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.