Bipartisan retirement bill now closer to becoming law
The Secure Act, a bill that aims to improve the nation’s retirement savings, passed the House of Representatives Thursday with bipartisan support. Two major provisions include making it easier for small businesses to join together to offer 401(k) plans and another to eliminate the maximum contribution age on traditional individual retirement accounts (now 70½). Another provision was stripped from the measure earlier this week that would have allowed money from tax-advantaged 529 education savings plans to be used for home-schooling expenses. Read Sarah O’Brien of CNBC’s full analysis of the bill here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. Learn more about AMAC’s Social Security Guarantee here…