More than half of American workers say they’re behind on retirement savings. The “Setting Every Community Up for Retirement Enhancement” (SECURE) Act hopes to change that.
On Friday, Dec. 20, President Donald Trump signed into law the SECURE Act, which puts in place numerous provisions intended to strengthen retirement security across the country. The bill offers small businesses tax incentives to set up automatic enrollment in retirement plans for its workers or allows them to join multiple employer plans. The bill also eliminates the maximum age cap for contributions to traditional IRAs.
Previously, workers with a 401(k) or IRA had to withdraw required minimum distributions in the year they turned 70½. The SECURE Act increases the age to 72.