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Automatic IRAs -- a Quick Fix for Workers Without Pensions?

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Iwry and John said that although there would be a cost to the government, as yet uncalculated, their plan is drawing bipartisan interest in Congress, and they are optimistic that it or some version of it would become law.

And the sooner the better.

John said: "As time goes on . . . the retirement futures of our kids are going to depend, to a large extent, on how they put aside resources from the very beginning."

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Victims of hurricanes Katrina, Rita or Wilma who want to claim disaster-related losses on their 2004 tax returns, rather than 2005 returns, will have until Oct. 16 to decide, the RS said last week.

The original deadline for choosing to go back a year -- when a taxpayer may have had more income -- was the due date of this year's return, April 17.

To speed processing of such claims, taxpayers should write the name of the hurricane in red at the top of their return. Those who have already filed their 2004 returns may file amended returns (Form 1040X for individuals).

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President Bush last week signed into law a bill making changes in the federal deposit insurance system, which protects depositors up to certain limits when banks fail. The limit remains $100,000 for most accounts but rises to $250,000 for some retirement accounts.

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