R&I~Smit
Another seemingly well-intentioned bill is making its way through Congress designed to help all Americans prepare better for retirement. It comes less than two years after a previous legislative package, the Secure Act, was passed with the same aim.
The new Securing a Strong Retirement Act of 2021 has bipartisan support and appears to stand a good chance of enactment in some form, having passed through the House Ways and Means Committee on May 5.
But will it really help all Americans, especially those on the wrong end of the widening retirement wealth gap?
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More than one-third of Americans, 36%, have neither IRAs nor workplace 401(k)-style accounts, and a large chunk of those with accounts don’t have much money in them, reports the Investment Company Institute. Confusion about rules, income ineligibility, a lack of access and insufficient income all play a role.
Here’s a look at some of the key provisions of the Securing a Strong Retirement Act, sponsored by Rep. Richard Neal, D-Mass., and others, with a special focus on whether these rule changes would help those Americans with little or no current retirement savings.
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