Major Changes to 401(k) Retirement Plans Move Forward in Congress

Congress is about to pass legislation aimed at helping Americans increase their retirement savings and keep their retirement savings pristine and tax-free.

Bills Nearing Approval Will Raise People’s Ages Required to initiate money withdrawal This will increase the retirement savings contribution cap for older workers, giving low- and middle-income earners more incentive to save in retirement accounts. It also paves the way for more employers to offer an emergency savings account within her 401(k) plan.