Senate finance panel considers retirement-savings changes

09/15/2011 | Bloomberg · AdvisorOne · Reuters · ABC News

Lawmakers discussed options for overhauling workers' retirement-savings options at a Senate Finance Committee hearing on Thursday. Among the proposals that have been discussed: the replacement of the 401(k) tax deduction with a flat-rate tax credit, an increase in the retirement age and a change in the method for calculating Social Security benefits. Committee Chairman Max Baucus, D-Mont., argued that Congress should be careful not to take any action that would significantly reduce tax revenue.

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