A new bipartisan bill recently passed the U.S. House of Representatives with an eye on improving retirement savings plan options for many Americans. Retirement can be a financially challenging time for those who don’t have enough to live comfortably.
The legislation, H.R. 2954, makes important changes to employer-sponsored retirement plans. These changes would expand automatic enrollment for employee contributions into 401(k) plans and 403(b) retirement plans and would allow for employees to save more over time. Learn more about this legislation here.
Making retirement savings plan changes is a step in the right direction but still fails to address the number of older Americans who rely on Social Security and do not get what they earned. While Congress is looking at retirement affordability, we think they need to take action on The Greatest Generation Benefits Act. Learn more about this legislation here, and be sure to follow us on Facebook and Twitter for the latest updates.