Secure Act 2.0 (HR-2954) passed the House of Representatives on March 29, 2022 by an overwhelming majority 414 to 5.
This bill is intended to provide additional opportunities for Americans to save for retirement.
The short video above some of the key highlights of this bill:
Expand Catch-Up Contributions
Delay Required Minimum Distributions (RMDs)
Mandatory/Automatic Enrollment in Retirement Plans for Employees
Authorize Student Loan Matching for Employers
Secure Act 2.0 provides some interesting incentives to improve retirement savings for individuals.
The Senate still needs to pass a companion bill and then it will need to be signed by the President to become law.
We still have some concerns with the lack of focus in Washington on the two large looming financial issues with Medicare (Hospital Trust Fund running out of money to cover expenses by 2026) and Social Security (not able to pay out full benefits by 2034). Hopefully, these important issues are addressed soon in Washington.
See bio here