{"id":11425,"date":"2021-05-25T18:37:30","date_gmt":"2021-05-25T18:37:30","guid":{"rendered":"https:\/\/udirectira.com\/?p=11425"},"modified":"2021-10-06T19:07:10","modified_gmt":"2021-10-06T19:07:10","slug":"retirement-industry","status":"publish","type":"post","link":"https:\/\/udirectira.com\/retirement-industry\/","title":{"rendered":"Retirement Security Reforms"},"content":{"rendered":"
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by Kaaren Hall, CEO, uDirect IRA Services LLC<\/p><\/div>\n

In the early fall 2021 the Retirement Industry could see some major overhauls.\u00a0 Recently, a bill was introduced (the Retirement Security & Savings Act<\/a><\/em>) with bipartisan support and as a result there is a reason to be optimistic about some exciting changes.\u00a0 This bill is sometimes called The Secure Act 2.0.<\/p>\n

Many are prepared to retire but for those with less education there is a crisis in America regarding the ability to retire above the poverty line.\u00a0 According to the Rand Corporation<\/a>, overall 71 percent of Americans are adequately prepared for retirement: 80 percent of married persons and 55 percent of single persons. Those with low education are much less adequately prepared than those with higher levels of education, especially single women.\u00a0 This bill will make a big difference for these people.<\/p>\n

We’re looking at more sweeping change than the industry has seen in a long time.\u00a0 This Bill features more than 50 proposals for improving coverage with small employers and part-time workers.<\/p>\n

Under current law, retirement savers must begin taking distributions from their retirement plans at age 72, an increase created by the Secure Act.\u00a0 Secure 2.0 increases the RMD age further to 73 starting on Jan. 1, 2022; to 74 starting on Jan. 1, 2029; and 75 starting on Jan. 1, 2032.<\/p>\n

Some features of the Retirement Security and Savings Act:<\/h3>\n