Examining the “Improving Access to Retirement Savings Act” - BenefitsPro
BenefitsPro contributor John Ruth takes a look at the “Improving Access to Retirement Savings Act” (also known as SECURE 2.0) now moving through Congress, providing a recap of the overall intent of this legislation to address the problem of Americans being behind the curve on saving for retirement. Ruth explains the legislation’s three basic objectives as being to: (1) promote savings by facilitating auto-enrollment in newly created retirement plans; (2) expedite via small business tax incentives the availability of savings plans for employees; and (3) aid in the tracking of lost retirement plans (see this previous post on this third point).
In addition to discussing the differences between the House and Senate versions of the bill, Ruth provides an analysis of the differences between this bill and its predecessor (SECURE 1.0) and provides perspective on how the provisions of the new bill would address the retirement gap –that divide between what American’s have accumulated and what they actually need to fund their intended retirement years–plaguing the retirement landscape. Although written from the viewpoint of what financial advisors need to consider on behalf of their clients, the post provides insight for future retirees on how to view their investment portfolios to enhance their financial position on retirement. Read the post here…
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