There are plans in the works to make it easier for savers - The Motley Fool
If you are one of those individuals that started saving for retirement right out of college, kudos to you; however, if you are like many of us, we got a late start, but there is hope for us on the horizon. Currently, there are two bipartisan bills in Congress- one each in the House and Senate — that will raise the annual catch-up amounts based on inflation. The House bill would expand the 401(k) catch-up to $10,000 for individuals aged 62, 63, or 64. The Senate bill is more generous with the 401(k) catch-up contribution of $10,000; it would apply to people age 60 or older. Maurie Backman writing for the Motley Fool gives a brief overview of the two bills but cautions if these proposals go through, you will be able to supercharge your retirement savings. Read Ms. Backman’s article here…
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