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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Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
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. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.