Big Changes May Be Coming To 401(k), IRA And Other Retirement Plans

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New legislation promises to expand retirement contribution limits, increase the age when one must starting taking distributions and allow employers to match employees' student loan payments.

The Saver’s Credit currently provides a credit of up to $1,000 for low and middle-income individuals. The new legislation would simplify the rate structure by implementing a single rate of 50%. It would also increase the credit to $1,500 per person and increase the maximum income eligibility amount.The Secure Act generally increased the age when required minimum distributions must be taken from 70.5 to 72. The Secure Act 2 would further increase the age when RMDs must begin to 75.

Eliminates additional barriers to multiple employer plans that help small businesses manage the cost of 403 plans;

 

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Spelling error - I think you meant to use Latino or Latina rather than some odd Latinx. For perspective research what Latinos thinks about the Latinx word. See Pew. I bet a Latino had nothing to do with this story. I ❤️ how white people tell me what I should call myself.

justiceforNikitaTomar

this is terrible news

both parties are circling these (ira's and 401ks) like sharks smelling blood, esp the Roth.

So this is the groundwork for an attempt to privatize social security? That’s what it looks like.

Especially if Dems get in power. You can kiss that shit good bye

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