What’s in the New SECURE Act 2.0? | The National Association of Plan Advisors
A bill known as the “SECURE Act 2.0” looks to build on last year’s SECURE Act, which altered a number of retirement-related laws. The bipartisan legislation passed the Ways and Means Committee of the U.S. House of Representatives unanimously, a big step in its final passage. Changes the bill would make if it becomes law include:
- Making auto-enrollment in 401(k) and 403(b) the norm, with a minimum amount of at least 3%.
- Automatically increasing contribution amounts by 1% every year until contributions reach 10%.
- Individuals have the option to opt out. Current 401(k) and 403(b) plans are grandfathered in. And small businesses, new businesses, church plans, and governmental plans are exempt.
- Allows an employer to help employees pay off student loans, treating this assistance as if it were matching contributions to a retirement plan.
Money disagreements are common among partners. In fact, a 2018 study suggested that about four in ten divorced Gen Xers and three in ten divorced Baby Boomers cited money differences as a reason for their marriage ending. The most common problem areas have nothing to do with dollars and cents and everything to do with communication. When you think about your road to retirement, follow this advice to make sure that your road and your partner’s road are headed in the same direction.
What Motherhood Taught Me About Money: 8 Moms Weigh In | Mooresville Tribune
In recognition of Mother’s Day, this article compiles advice from mothers around the country. Some common themes are found throughout, including a more focused approach to planning for the future and understanding the value of the present.
Health Care Costs in Retirement Remain a Top Stressor | Plan Sponsor
Health care costs are a top fear for soon-to-be retirees. However, most people haven’t spent time planning for this expense, according to a recent report from Fidelity. While rising prices do present a serious issued, there are steps people can take. Building up a health savings account during your working years can yield additional resources in your retirement years due to the tax savings. And retirees should spend time during open enrollment evaluating their options: The plan that worked for you one year might not be the best fit now.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.