Seniors Getting Extra Retirement Income
Seniors have something to look forward to.
Congress recently passed the monumental $1.7 trillion Omnibus spending package which many Republicans were against for a number of reasons. While this is seen as a loss for Republicans, it does come as a major win for Senior Citizens because of some important benefits they just received.
According to Fox, within the newly passed $1.7 trillion Omnibus bill was a number of small series of measures such as the “Secure 2.0 Act”. Secure 2.0 is designed to increase Americans’ retirement savings through a series of key changes to existing retirement account rules and certain related tax breaks.
Insured Retirement Institute’s Paul Richman explained, “Including Secure 2.0 retirement provisions in the last major legislation of the year means that Congress is poised to help millions more workers and retirees with significant improvements to the nation’s private retirement system.”
Secure 2.0 will have a number of benefits including: automatic 401(k) enrollment, larger “catch up” contributions for older savers, increased age for RMDs (required minimum distribution), emergency expense distributions, and expanding employer 401(k) match options.
While it is true that President Biden and the Democrats did punch through a lot of unnecessary spending options in the new Omnibus bill, this benefit for seniors will go a long way in 2023 and moving forward.
