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February 9, 2010

Help for retirement

Sen. Gillibrand proposes tax credit, 401(k) changes

By DAN HEATH

PLATTSBURGH — U.S. Sen. Kirsten Gillibrand outlined a plan Tuesday to help middle-class New Yorkers save for retirement.

In a conference call, Gillibrand (D-NY) said she has heard many concerns from constituents about their retirement savings as she traveled the state.

"When I talk to people who are about to retire, they have said, 'I don't think I will be able to retire.'"

Americans have lost more than $2 trillion of their retirement-plan investments during the economic downturn, Gillibrand said. That leaves only 13 percent of the population feeling comfortable that they will be able to retire as planned, she said.

"Approximately 2.1 million New Yorkers are set to retire in the next 10 years, and about 5 million New Yorkers are set to do so in the next 20 years," Gillibrand said.

In the North Country, those numbers are about 50,000 and 125,000, respectively, she said. That is about 25 percent of the region's population.

Gillibrand's first proposal is an increase in the Saver's Tax Credit. At present, low- and middle-income taxpayers are allowed to claim a Saver's Credit of between 10 and 50 percent up to $1,000 ($2,000 for couples) who invest in an IRA, 401, 403(b) or 457 plan.

The credit is available only to those with an adjusted gross income up to $55,500 who file jointly, $41,625 for a head of household who files singly and $27,750 for others who file singly.

Gillibrand proposes to increase eligibility to families that earn up to $85,000 a year and simplify it to match 50 percent of a person's investment.

Gillibrand also called for 401(k) regulations to ensure safety and transparency. She is urging U.S. Sen. Max Baucus (D-MT) and Sen. Tom Harkin (D-IA), who chair the U.S. Senate Finance and Health, Education, Labor and Pensions committees, to incorporate her recommendations in pension or tax extensions under consideration this year.

Those include use of safe financial products that guarantee income in a 401(k) and a call for plan providers to offer unbiased advice on retirement planning.

More companies are reducing, if not cutting completely, matching contributions to employee 401(k) plans, Gillibrand said. About 80 million Americans are not enrolled in any type of tax-exempt retirement account.

Gillibrand called for employers to automatically enroll employees in IRAs. She is working with U.S. Sen. Herb Kohl (D-WI), chairman of the Special Committee on Aging, to provide employers a tax break to help cover administrative costs.

All of these proposals are designed to assist middle-class workers who are nearing retirement age. That group has been hit extremely hard by the economic crisis, Gillibrand said.

E-mail Dan Heath at: dheath@pressrepublican.com

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