What The Latest Retirement Bill Means For You

 What The Latest Retirement Bill Means For You

MoneyTips

 

Hey, We Agree On Something

It’s difficult to get a bill passed on a bipartisan basis in the current Congress, but the latest retirement bill is one of those rarities. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is designed to give Americans greater access to retirement funds while making it easier to understand them and contribute to them.

There’s no guarantee that the bill will pass the Senate and be signed into law, but the odds are decent. Any legislation that passes the House of Representatives by a 417-3 vote must have something right.

What makes the SECURE Act universally popular? It addresses an important problem – America’s lack of retirement savings – in common-sense ways that appeal to both parties.

The Retirement Savings Gap

According to a 2019 report by the Government Accountability Office (GAO), the personal savings rate of Americans dropped from 14.2% of disposable inco…