Forbes has published an article, “SECURE 2.0 Passes —- Here’s What It Means To Your Retirement,” which discusses how the recently passed SECURE 2.0 Act influences retirement planning and analyzes the future implication of these changes for retirement savers. The article begins as follows:
In the dark of the night, snuggled within the 4,000+ page Omnibus Bill meant to keep the machine of government well-oiled, lies a passage that may change the future of retirement saving.
And the average American worker is ready for it.
Dubbed the “SECURE 2.0 Act of 2022,” it represents an extension of the original SECURE Act, signed into law by President Trump in December of 2019. Like its predecessor, SECURE 2.0 came with unanimous or near-unanimous support. Why it needed to be slipped into an unrelated bill tells you more about how the machinations of Washington work than it tells you about the validity of the act itself.
“In 2019, Congress passed the original Secure Act, which also expanded access to retirement accounts for workers,” says Corie Wagner, Senior Editor, Industry Research at SeniorLiving.org in Los Angeles. “Similarly, one of its goals was to help Americans save more money for retirement. However, millions still feel very unprepared financially for life in retirement, so those original provisions may not have gone far enough.”
Posted by Melissa Zheng, Associate Editor, Wealth Strategies Journal.