Retirement Legislation Awaits Further Action
Legislation that could benefit people with individual retirement accounts (IRAs) and workplace retirement plans is currently moving through Congress. The Securing a Strong Retirement Act of 2022 has passed almost unanimously in the House. A similar bill (with some differences), the Enhancing American Retirement Now Act, has been drafted in the Senate but will have to wait until Congress is back in session in November for further consideration. If the Senate passes its bill, the House and the Senate would need to reconcile the two bills, and then each would vote on the reconciled bill.
Some significant provisions in the proposed legislation that may aid in your retirement planning are summarized below.
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All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.401K, Contribution Limits, Enhancing Retirement Now Act, IRAs, Penalties, QCDs, Retirement Legislation, RMDs, SEP Roth IRAs, SIMPLE Plans, SIMPLE Roth IRAs, The Securing a Strong Retirement Act of 2022, Workplace Retirement Plans