If you are interested in the details of pending legislation the Secure 2.0 act designed to ”strengthen” our retirement system, you can find some details here.
But here is the thing, on one hand we hear Americans are struggling and can’t afford to save, that saving for retirement is woefully inadequate, that Americans have no emergency funds and on the other hand we have Congress looking to pass legislation with conflicting provisions.
Secure 2.0 seeks to make saving automatic with opt out ability, but it also makes access to the money easier, it adds new emergency saving on top of retirement savings. It extends the age for required retirement distributions and increases catch-up saving amounts.
So, which is it, Americans can’t afford to save, can save more, need pre-retirement access to retirement funds, need government to accumulate emergency funds, but have so much in savings, they don’t need access to their retirement funds until age 75?