There are good things on the table in Washington with regard to retirement planning.
Securing a Strong Retirement Act of 2021 is the next chapter to the original Secure Act passed in 2019. The proposed act was unanimously approved by the Ways and Means Committee in early May and is headed to the House for its approval.
The provisions of 2.0 are laser-focused on providing opportunities for Americans to power up their retirement efforts. Keep in mind that there could be several modifications before the bill is approved.
Key provisions that could directly affect clients include:
Catch up provisions:
Under current law, at age 50:
These new provisions provide additional planning opportunities. Once the bill is approved, we will bring to your attention any appropriate modifications to your plan.