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Congress has recently made changes to retirement plans that could have a significant impact on individuals’ financial well-being in the future. It is important for people to pay attention to these changes and understand how they may affect their retirement savings.
One of the most notable changes that Congress has made is the passage of the SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement. This legislation includes several provisions that are aimed at helping people save more for retirement and make it easier for small businesses to offer retirement plans to their employees.
One key provision of the SECURE Act is the increase in the age at which individuals are required to start taking mandatory distributions from their retirement accounts, such as traditional IRAs and 401(k) plans. Previously, individuals were required to start taking these distributions at age 70 ½, but the SECURE Act has raised this age to 72. This change allows individuals to continue growing their retirement savings for an additional year and can provide a significant boost to their nest egg.
Another important change included in the SECURE Act is the expansion of access to retirement savings plans for part-time workers. Previously, many part-time workers were excluded from participating in their employer’s retirement plan, but the SECURE Act now requires employers to allow long-term part-time employees to participate in their retirement plan if they work at least 500 hours per year for three consecutive years. This change can help more people save for retirement and improve their financial security in the future.
It is crucial for individuals to pay attention to these changes and take action to maximize their retirement savings. For example, individuals may want to consider delaying taking distributions from their retirement accounts until age 72 in order to take advantage of the higher age limit. They may also want to take advantage of employer-sponsored retirement plans if they now qualify as a long-term part-time employee.
Overall, the changes to retirement plans that Congress has enacted through the SECURE Act can have a positive impact on individuals’ financial futures. By staying informed about these changes and taking action to maximize their retirement savings, individuals can improve their financial security in retirement. It is important for individuals to work with a financial advisor to navigate these changes and make the most of their retirement savings.
Red flag number 1
You Americans are getting ripped off. Here in Australia since 2005 we been getting 9% paid by the employer mandatory and any you pay in is tax deductible. High end and government jobs pay 12-13%. And we have free medical.
At my wife company , they offer 401K , but will not match any contributions….!!!
Employers should also be forced to match it.
This has been the case at my job for 25 years.
Classic Ponzi scheme…
401k, just another example of the government subsidizing corporate greed.
What government document is that this on?
This has nothing to do with Social Security. It's about artificially propping up the stock market up with millions of investors that would ordinarily never invest.
This will inflate stock prices even more than they are today. The rich (Congress) will benefit from the influx of new money bombarding the 401k mutual funds.
This is a WIN for the wealthy, and at the same time for "the poors benefit."
Why would you invest in Fiat currency? It's not money, it's debt
Just make sure it’s self directed so you don’t get railed by mutual fund fees.
Congress knows the general public will manage and invest any money they save much better than the government ever will. Maybe if we forced the government to save 3% of the taxes it takes in…
F the government
People aren't listening to you properly. All this does is make 401Ks opt-out instead of opt-in.
Yay, now blackrock and vanguard can control more money
Everyone make sure you buy up stocks ad much as you can, this will cause them to pump if everyone is auto invested into the market
Yeah, it’s about them having more money at their fingertips. Don’t think for a second the government cares whether or not the average American is saving for retirement.
All you anti 401k folks can just make your contribution rate $0. Surprising amount of people in the comments seem to really social security. There’s a group of people trying to take that away from you.
More money for Ukraine
Kudos to you!
Thats nice they put 3 percent in to start them off but which investments are being put into is it going to be stocks or money market?
That's a great idea. I wish somebody did that at my work when I started working and had no idea about retirement plans.
Can the government stop telling me how to plan for MY retirement? Give me my money back.
So privatized social security is bad, but forced 401k is good? Got it.
Aka wallstreet is almost broke and currently hundreds of billions if not tens of trillions in debt from creating synthetic shares to manipulate prices therefore they need capital desperately