The SECURE Act to reform the retirement system is now law. Here are 4 of the key ideas and how they might impact your savings.
President Trump signed a $1.4 trillion spending bill Friday that includes the SECURE Act, a bill introduced this year to help people save for retirement. Among other features, the bill removes the age limit restricting IRA contributions, expands access to annuities in retirement plans, and raises the age at which people need to start taking required minimum withdrawals.
The big changes include: getting more part-time workers to save, raising the age of required minimum distributions for IRAs, and helping small businesses provide 401s to their workers. You’ll be able to contribute for longer The Secure Act also includes a provision that eliminates the maximum age for IRA contributions. Before, you were only eligible to contribute to a traditional IRA if you were younger than 70 ½. There are no age limits on contributions to 401 plans or to ROTH IRAs.
Lower barriers of entry to retirement plansThere are also a variety of less sexy provisions that would lower some of the barriers for workers to sign up for retirement accounts. A Pew analysis found that among workers employed by companies that offer a defined contribution plan, 28% of them are not participating.
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