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Wyden Proposes $10 Million Cap on Rich Retirement Accounts

8/2/2026

Summary

Story summary

Senator Ron Wyden (D-Oregon) introduced a July 22 bill that caps IRA and 401(k) balances at $10 million for those earning over $400,000.
The proposal bars contributions beyond $10 million and forces withdrawals from such accounts.
More than 32,000 filers hold IRA-type accounts worth $10 million or more, averaging $17 million each.
Since 2025 401(k) plans must auto-enroll workers, while a 2026 executive order by President Donald Trump expands access for employees lacking employer plans.

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Story summary

Senator Ron Wyden (D-Oregon) introduced a July 22 bill that caps IRA and 401(k) balances at $10 million for those earning over $400,000.
The proposal bars contributions beyond $10 million and forces withdrawals from such accounts.
More than 32,000 filers hold IRA-type accounts worth $10 million or more, averaging $17 million each.
Since 2025 401(k) plans must auto-enroll workers, while a 2026 executive order by President Donald Trump expands access for employees lacking employer plans.