Perspective: A new law is bringing big changes for retirement savers, especially parents
for retirement and to give relief to people who need to tap those savings.
“The bill includes a number of important reforms to address the country’s retirement crisis,” Senate Finance Committee ranking Democrat Ron Wyden said in a statement. “With Americans delaying retirement and increasingly working part-time, these changes will allow workers to continue to save. While we must do more to ensure financial security for older Americans, passage of this bill is an important step.
If you feel it’s necessary to take a hardship withdrawal, keep in mind that if you’re younger than 59½, there’s a 10 percent early withdrawal penalty. Additionally, non-Roth withdrawals are subject to federal income tax and, in some cases, state income tax. “I think the multiple employer plans are probably going to be the most transformative,” Szapiro said. “It will probably encourage small employers to offer plans when they otherwise wouldn’t or where they otherwise might have offered simple IRAs instead of plans with a match or more opportunities to contribute.
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