It’s not often we hear lawmakers agreeing on policies these days, but we may have found one topic where the majority of Congress feel bipartisan support is necessary – retirement savings. A few weeks ago, the House overwhelmingly approved (417-3) the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Similar legislation is now pending in the Senate and the Finance Committee chairman Sen. Charles Grassley (R-IA) has already made it clear he is hoping to act quickly so the House and Senate bills can be reconciled and sent to the president. This is an important topic to all Americans saving for their future and one Congress agrees changes need to be made to ensure we are entering into retirement comfortably and confidently. There is little doubt that many Americans approaching retirement age find themselves woefully unprepared. A study by the Aspen Institute has found that about 60% of American workers do not own a retirement account. Joan Ruff, Board Chair of the AARP, further suggests that workers are 15 times more likely to save for retirement when a savings program is offered by their employer.
If passed, this bill would be the first major retirement legislation since 2006, and a bipartisan effort at that! The availability of a workplace retirement plan is just one problem that Congress hopes to address. In addition to this important topic, they hope to create certain incentives that make it easier and more appealing for individuals to save for retirement. Listed below are a few of the changes that are included in the many proposed provisions that are outlined in the bill that could impact your savings:
The SECURE Act passed almost unanimously in the House and there is great optimism when introduced to the Senate, it too will be received positively. Should the Senate approve the bill, next step is to the President. While timing for this to unfold is unknown, there is great hope we are moving in the right direction to help Americans prepare and feel confident their financial future will be safe.
 Financial Planning
 Age pending outcome of legislative vote
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