Earlier this week, the House passed a $1.4 trillion spending bill that includes the bipartisan SECURE Act, which aims to increase the ranks of retirement savers and the amount they put away. The measure now will head to the Senate, where approval is expected this week before lawmakers head home for the holiday recess.
If the legislation passes, here are some of the things that might affect you:
- The maximum age for making contributions to traditional IRAs, which is now 70½, would be repealed
- The age when required minimum distributions from certain retirement accounts must start would rise to 72, up from 70½
- It would become easier for small businesses to band together to offer 401(k) plans to their employees