Secure 2.0 and the Retirement Financing Gap: Some Positive News - CBS MoneyWatch

Much has been written about the disconnect between retirement savings goals and the prospects for reaching these goals. In fact, comparing the results of a Northwestern Mutual study question on how much is needed for a comfortable retirement with the average amount reported to be held in retirement savings accounts reveals a sizable gap…more than 90%. After years of hand-wringing about how to address this problem, we finally see some positive movement in the form of provisions buried in the $1.7 trillion government spending package approved by the House last week.

Specifically, the spending bill contains, along with many, many other things, a series of measures proposed in the bipartisan Securing a Strong Retirement Act of 2022, otherwise known as the Secure 2.0 bill. The measures target changes to the ways Americans save for retirement, offering the following:

  • Expansion of the refundable tax credit known as the Saver’s Credit
  • Delays in the commencement ages for minimum required distributions from retirement accounts
  • Higher limits for contribution limits for “pre-retirees”
  • Automatic retirement account enrollment
  • College savings account rollover opportunities
  • Opportunities for employers to match student loan repayments for inclusion in retirement accounts

For additional detail on these savings-related enhancements, click here to check out this post by CBS MoneyWatch reporter Aimee Picchi.

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