{"id":98829,"date":"2020-10-27T20:27:00","date_gmt":"2020-10-27T17:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-bill-aims-to-give-americans-confidence-and-dignity-as-they-approach-old-age\/"},"modified":"2020-10-27T20:27:00","modified_gmt":"2020-10-27T17:27:00","slug":"this-bill-aims-to-give-americans-confidence-and-dignity-as-they-approach-old-age","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-bill-aims-to-give-americans-confidence-and-dignity-as-they-approach-old-age\/","title":{"rendered":"#\n  This bill aims to give Americans \u2018confidence and dignity\u2019 as they approach old age"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f6380ae245\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f6380ae245\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/this-bill-aims-to-give-americans-confidence-and-dignity-as-they-approach-old-age\/#Our_retirement_security_is_faulty_%E2%80%94_a_new_proposal_aims_to_fix_that\" >Our retirement security is faulty \u2014 a new proposal aims to fix that<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/this-bill-aims-to-give-americans-confidence-and-dignity-as-they-approach-old-age\/#Alessandra_Malito\" >Alessandra Malito<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  This bill aims to give Americans \u2018confidence and dignity\u2019 as they <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach old age<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Our_retirement_security_is_faulty_%E2%80%94_a_new_proposal_aims_to_fix_that\"><\/span>\n  Our retirement security is faulty \u2014 a new proposal aims to fix that<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000047113\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Bipartisan support for legislation is hard to come by these days, but both Democrats and Republicans can agree Americans\u2019 retirement security needs help \u2014 and they\u2019re looking to do something about it.<\/p>\n<p> The Ways and Means Committee introduced bipartisan legislation on Tuesday that aims to fix some of the problems individuals face when preparing for retirement. The proposal, known as the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/waysandmeans.house.gov\/media-center\/press-releases\/neal-and-brady-introduce-new-bipartisan-legislation-strengthen-americans\" class=\"icon none\">Securing a Strong Retirement Act of 2020<\/a>, was introduced by Chairman and Democratic Rep. Richard Neal of Massachusetts and ranking member and Republican Rep. Kevin Brady of Texas.<\/p>\n<div class=\"paywall\">\n       \u201cThis bill will help Americans approach old age with the confidence and dignity they deserve after decades of hard work and sacrifice,\u201d Neal said in a statement announcing the bill.<\/p>\n<p>There are a handful of provisions in the latest proposal, including automatic enrollment into 401(k) plans, financial incentives for small businesses to offer retirement accounts and the expansion of the existing federal tax credit for contributions to a retirement account.\u00a0<\/p>\n<p>Other parts of the proposal include:\u00a0<\/p>\n<ul class=\"articleList\">\n<li>\n      Increase the required minimum distribution to age 75, instead of 72 as it is now. As it stands, individuals need to begin withdrawing from many of their retirement accounts when they reach 72 years old or they face a penalty charge. Increasing the age will allow retirees who do not need the money to delay paying taxes on distributions they may not want to take, as well as continue to save in these accounts longer.<\/p>\n<\/li>\n<li>\n      Allow individuals to pay down a student loan instead of contribute to a retirement account but still get the company\u2019s match toward their retirement savings.\u00a0<\/p>\n<\/li>\n<li>\n      Expand rules for certain employers to band together to give their employees retirement benefits.\u00a0<\/p>\n<\/li>\n<li>\n      Make it easier for military spouses to save for retirement, since they can struggle to do so because of frequent job changes.\u00a0<\/p>\n<\/li>\n<li>\n      Implement changes to individual retirement accounts, such as providing more flexibility to give to charity through that type of account and avoid penalties for mistakes made when managing an IRA.\u00a0<\/p>\n<\/li>\n<li>\n      Create a national database for Americans to find lost retirement accounts.\u00a0<\/p>\n<\/li>\n<\/ul>\n<p>This legislation would be the latest attempt at improving retirement security in the country. Congress passed the SECURE Act in December, which increased the age for required minimum distributions to 72 from 70 \u00bd and allowed greater flexibility for 401(k) plans to include annuities. The SECURE Act also eliminated the stretch IRA, where beneficiaries of retirement accounts could prolong the distribution of funds from inherited accounts, and widened access to multiple employer plans for small businesses.\u00a0<\/p>\n<p>\u201cOur legislation will make it easier for folks to save, protect Americans\u2019 retirement accounts, and give workers more peace of mind as they plan for the future,\u201d Brady said.<\/p>\n<p>Many Americans already needed help preparing for retirement, but the pandemic has made it worse. Millions have lost jobs, seen a reduction in hours and wages or became ill (or had a loved one become ill). All workers \u2014 both low- and high-earners \u2014 will feel the impacts of the pandemic on their retirement security, either through short-term wage losses or through investment returns, according to a report from the New School\u2019s Schwartz Center for Economic Policy Analysis.\u00a0<\/p>\n<p>\u201cCOVID-19 has only exacerbated our nation\u2019s existing retirement crisis, further compromising Americans\u2019 long-term financial security,\u201d Neal said in a statement when introducing the proposal. \u201cIn addition to meeting workers\u2019 and families\u2019 most pressing, im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te needs, we must also take steps to ensure their well being further down the road.\u201d <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Alessandra Malito\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Alessandra_Malito\"><\/span>Alessandra Malito<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21004575-02D4-D4B5-4572-DB809BC0ABD3%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# This bill aims to give Americans \u2018confidence and dignity\u2019 as they approach old age &#8221; Our retirement security is faulty \u2014 a new proposal aims to fix that Bipartisan support for legislation is hard to come by these days, but both Democrats and Republicans can agree Americans\u2019 retirement security needs help \u2014 and they\u2019re&#8230;<\/p>\n","protected":false},"author":1,"featured_media":98830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-98829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=98829"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/98830"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=98829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=98829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=98829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}