Finally! A Retirement Plan That I Can Understand!

President Bush has proposed a series of plans that revamp and improve the current retirement and savings plans, such as the Roth IRA, the 401(k) and 529 plans. Instead of all these wieldy, awkward and often contradictory rules, he proposes to freeze these accounts and create new ones that are simple enough so that even a low income with minimal financial assistance can contribute effectively. One such plan is called a "Retirement Savings Account". Basically, it's a hypothetical place to store your money that can be withdrawn at any time without penalty and the money is tax-free, even if the account grows in value. The only catch is that there is a cap of around $5000. I don't know about you, but that cap is in no danger of being reached by me!

For a better, more excited introduction to the plan, click here! Who says the Bush administration doesn't care about us! This is tremendous!