Congress may soon enact retirement changes
The first significant changes in the laws related to retirement in 13 years could soon pass both chambers of Congress. Ben Werschkul writing for Yahoo Finance provides detail on four of the 50 provisions that appear most likely to be enacted. Increasing access to 401(k) savings plans for small-business employees is the centerpiece. Lawmakers are also pushing provisions to provide tax credits to small businesses to make it more affordable for them to set up their own retirement plans, and some members are striving to provide part-time employees with retirement savings access. Encouraging the young to save more and eliminating the age 70 1/2 age cap for IRA contributions are also garnering broad support. The last idea is to lower some of the barriers for workers to sign up for retirement accounts. As Werschkul notes, missing is significant bipartisan support to shore up the biggest and broadest of all retirement programs– Social Security. Read the full article 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…