Milwaukee (Feb. 20, 2003) -- Eighty-three percent of Americans would use one or more of the Bush Administration's proposed savings accounts if they were made available, and nearly 60 percent of respondents believe the accounts will help them save more, according to a survey conducted for Strong Financial Corp.

President Bush's budget proposal would create three new savings vehicles. The Lifetime Savings Account (LSA) and Retirement Savings Account (RSA) would feature contribution limits of $7,500 per year and tax-free growth. An LSA could be used to save for any purpose, while the RSA is designed for retirement savings. The Employer Retirement Savings Account (ERSA) would simplify workplace retirement plans, such as 401(k) and 403(b) plans, into one savings vehicle.

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