Oh, Social Security. It sounds so good on paper, right?
When you reach retirement age, you don’t have to fear—because the country’s got your back.
Except, many retired Americans, even those who receive benefits, can’t live off of those checks. And not every senior American has a fat pension to fall back on.
But for once, it looks like Congress is trying to make changes that will get them out of the way. And make it easier for upcoming retirees to get ready.
From Fox Business:
“This legislation expands automatic enrollment, simplifies many retirement plan rules, and strengthens small businesses’ ability to offer workplace retirement plans, to make it easier for Americans to plan for their golden years,” said Chair Richard Neal, D-Mass., and Rep. Kevin Brady, R-Texas, in a joint statement…
It contained provisions to increase access to retirement plans, to incentivize small businesses to offer them to workers and to give greater flexibility to account holders when it comes to saving and withdrawing later in life.
This might be a bit of good news ignored by most MSM outlets. Both Republicans and Democrats appear to be cooperating to reform retirement plan rules.
This legislation is aimed at making it easier for companies to provide retirement plans and help Americans make the right decisions.
A variety of changes would give Americans preparing for retirement more options. It will also help Americans who had to tap into their savings during the pandemic recover.
The House committee appeared confident that the new bill will move through Congress quickly and be signed into law.
Something like this looks like a no-brainer. Which means some lawmakers might try to find a way to screw it up.
Hopefully, it will get passed with little changes, so Americans can quickly begin to benefit.
- Congress is working a bill to help Americans who are preparing for retirement.
- The new bill will give retirees more options and help companies provide plans.
- An earlier phase of the plan was passed easily in 2019.
Source: Fox Business