Article published by NPR.org
Written by Arezou Rezvani
“The $1.7 trillion spending bill signed into law by President Biden includes key provisions that are meant to make it easier for workers to save for retirement.”
“The bill could reshape 401(k) plans for millions of Americans, with changes to retirement contribution and withdrawal rules.
“This comes as more Americans are working later in life, often unable to get by on Social Security and retirement savings. By 2030, the number of people age 75 years and older who will be working or looking for work is expected to grow by 96.5%, according to the Bureau of Labor Statistics.
“The big ugly fact out there is that since modern recorded history, only about half of workers have ever had a retirement plan,” says Monique Morrissey, an economist with the Economic Policy Institute, referring to savings vehicles like 401(k)s. “More than half of workers either have little or nothing.”
Many Americans lack access to a private retirement savings plan
“The median balance in a 401(k) for Americans age 65 and up is $87,700, according to data compiled by investment company Vanguard.
“The new legislation, known as Secure 2.0, would mostly benefit workers who already have access to workplace retirement plans, but there are features that would help certain employees who cannot obtain them at work.
“Currently, a third of Americans do not have access to any private retirement savings plan, like a 401(k), according to PricewaterhouseCoopers.
“Here are some ways the proposed retirement provisions intend to help workers:”
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
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