Retirement Bill Benefits Both Savers and Wall Street - AMAC & The Los Angeles Times
Michael Hiltzik explains the important Secure 2.0 retirement provisions which were incorporated in Congress’s massive year end omnibus bill. Access to workplace retirement plans for those that have been traditionally left out, mainly lower income workers, is a key facet of the bill. Hiltzik notes past bills have skewed benefits mostly toward for upper income workers, as those with larger incomes can contribute and deduct more. The author notes the famed three legged stool of pensions, Social Security, and savings is now just two legs, as pensions have been all but wiped out for most workers. Automatic enrollment and a more favorable saver’s credit are also part of the bill, among other provisions. The financial services industry is a winner too, as folks will likely keep more wealth invested (i.e. more fees to management companies) longer with an age increase for required minimum distributions. Read the full article here.