<nobr>Mar 8, 2005</nobr>

Save Initiative: LSA Proposal - S. 545

Lifetime Savings Accounts (LSAs) - could be used for any type of savings, including healthcare needs, education or a mortgage.

An LSA will allow an individual, regardless of age or income, to contribute $5,000 a year (which would be indexed for inflation) and make penalty free withdrawals at any time and for any purpose.

Like Roth IRAs, contributions will not be deductible, but earnings and distributions would be tax-free.

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Save Initiative: LSA Proposal - S. 545

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