Americans' lack of retirement savings is starting to get more attention from Congress:
Lawmakers from across the country are proposing legislation to encourage more Americans to save for retirement, and they’ve got a list of ways to do it.
“The retirement savings system that we have is actually very good but it can be improved,” said Bob Grohowsky, head of legislative and regulatory affairs at financial services firm T. Rowe Price. TROW, +1.39% “All of these ideas are ideas to build upon the system we have.” Many of these bills overlap each other in certain aspects. Here’s a more detailed explanation of each of these proposals, and where they stand:
• Increases the required minimum distribution age to 72 from 70 ½ years old by 2023, and then age 75 in 2030; creates an exception for individuals with $100,000 or less in eligible accounts, so that they can continue saving instead of having to withdraw; and reduces the penalty for failing to take RMDs from 50% to 25% of what they should have distributed.
SECURE Act The SECURE Act, which was passed by the House Committee on Ways and Means in April, has four major parts:
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