On this episode of Adam Live, Adam Bergman, Esq., founder of IRA Financial, will discuss the latest retirement bill passed by the Senate, titled Enhancing American Retirement Now Act, or EARN. The bill has several key provisions that were also included in the House’s version of the bill, called Securing a Strong Retirement Act.

Adam will discuss the provisions that will have the biggest impact on savers, including changes to IRA catch-up contributions, raising the RMD age, prohibited transaction treatment, and changes to Roth plans.

Join us LIVE on Wednesday, June 29th at 12PM EDT!
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About IRA Financial:

IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

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In a historic move, the Senate has just passed a groundbreaking retirement bill that promises to revolutionize the way Americans plan for their golden years. The new legislation, dubbed the Retirement Security Act of 2022, aims to provide a more stable and secure retirement for all Americans by making it easier for people to save for the future.

One of the key provisions of the bill is the creation of a new retirement savings account called the Universal retirement account (URA). This account will be available to all Americans, regardless of their employment status, and will offer a range of investment options to help individuals grow their savings over time. Additionally, the URA will automatically enroll individuals in the account unless they choose to opt out, making it easier for people to start saving for retirement.

Another noteworthy aspect of the bill is the establishment of a new tax credit for low- and middle-income individuals who contribute to their retirement savings accounts. This tax credit will provide an added incentive for individuals to save for retirement, particularly for those who may not have the means to do so otherwise.

In addition to these key provisions, the Retirement Security Act also includes measures to protect retirement savings from market volatility and ensure that individuals have access to unbiased financial advice when planning for their future. These safeguards are designed to help prevent individuals from falling victim to scams or making poor investment decisions that could jeopardize their retirement security.

The passage of this bill marks a significant milestone in the ongoing effort to improve retirement security for all Americans. With the growing concern over the financial stability of traditional retirement plans like Social Security, the Retirement Security Act represents a proactive solution to ensure that individuals have the resources they need to enjoy a comfortable and secure retirement.

As the bill now heads to the House for approval, supporters are hopeful that it will receive bipartisan support and ultimately be signed into law by the President. If successful, the Retirement Security Act has the potential to positively impact the lives of millions of Americans, providing them with the tools and support they need to build a secure financial future for themselves and their families.

In conclusion, the stunning new Senate retirement bill represents a major step forward in the quest for a more stable and secure retirement for all Americans. With its innovative provisions and focus on promoting retirement savings, this legislation has the potential to make a significant impact on the financial well-being of individuals across the country.