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Is the SECURE Act Going To Get Even Stronger?
July 2, 2021 | posted in: Plan Sponsor Corner | by Frye Retirement
Waiting for SECURE Act 2.0
Almost a year and a half after the SECURE Act (Setting Every Community Up for Retirement Enhancement) impacted the retirement planning world, a second bill, the Securing a Strong Retirement Act of 2021 was recently approved by the House Ways and Means Committee. This new bill expands upon the original and tweaks the changes regarding contributing and withdrawing from retirement savings vehicles.
Expected to pass in 2021 or 2022, it aims to encourage Americans to save more for retirement, in part by making that process easier.
A few of the ways in which the new bill may impact retirement planning include:
- Upping the RMD age from 72 to 75
- Automatic 401(k) and 403(b) enrollment
- Increased annuity options and ETF investments in annuities
At Frye Retirement, we will be monitoring the future of this legislation and will be apprising you of all you need to know when the bill passes.
