Currently, the maximum amount that one can save, before the age of 60, in an IRA is $5500. The maximum amount one can save in a 401k is $17,500. Why the disparity? It is time for the IRS to increase the IRA limit and allow Americans flexibility in saving for retirement.
Speaking from personal experience, employers don't match or match only a small % of what an employee contributes into a 401k. Additionally, employer sponsored 401k plans typically contain assets that are high in fees. What is the incentive to contribute through an employer?
So we call on the Obama administration, to work with the IRS to increase the limit on IRA contributions to be equal to the 401k limit.