Personal Finance

What Obama's budget could mean for your retirement

President Barack Obama
Gary Cameron | Reuters

President Barack Obama took a lot of flak for his proposal to cap lifetime retirement account contributions. But there are several other provisions buried deep within his proposed 2016 budget that could affect your plans for retirement—in good ways and bad.

"Retirement planning is like trying to hit a moving target. Factors and assumptions are always changing," said Jon Teran, a certified financial planner at Capstone Pacific Investment Strategies Inc., in Covina, California. "It looks like the target may be getting ready to move again."

There's no guarantee, of course, that any of these provisions will go into effect, though some stand a better chance than others. But there are steps you can take now so you're not caught off guard if they do.

Here are some that could have the biggest impact on retirement and estate planning, how likely they are to pass, and what you can do to prepare. (Click on each link for more information.)