It will soon be easier to save money, at an earlier age, for retirement.
The Senate is sending President Trump a bill that aims to raise the number of Americans who save, and how much they can save. The bipartisan Secure Act is part of the spending bill senators approved yesterday, which the House already passed.
Here’s how it will help you save:
- It makes it easier for small businesses to get together to offer 401(k) plans to their workers.
- It lets long-term part-time workers become eligible for retirement benefits
- It repeals the maximum age for putting money into individual retirement accounts.
- Required Minimum Distributions get pushed back from age 70 ½ to 72.
- You’ll be able to contribute to your IRA well beyond age 70.
Trump is expected to sign the bill into law.
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