I believe I mentioned it a few months ago when the legislation was first announced, but a new bill is making it’s way through Congress that would expand the foundation laid out in the SECURE Act that was passed in 2019. This new legislation–officially named “Securing a Strong Retirement Act of 2022,” but known as SECURE 2.0–could continue to reshape retirement in the years ahead. So far, the legislation has passed the House with overwhelming bipartisan support and is making its way through the Senate where it may be adjusted to incorporate parts of other similar bills that the Senate is working on. Among the big changes are gradual increases of the age when required minimum distributions (RMDs) from traditional IRAs must start (the age would be delayed to age 73 in 2023, 74 in 2030 and 75 in 2033), certain individuals may see their contribution limits increase for company plans starting in 2024, an adjustment of the limits for qualified charitable distributions to account for inflation, and employers with more than 10 employees who establish a 401(k) or 403(b) plan will have to automatically enroll employees. Another interesting part of the House bill is that employers will be allowed to make matching contributions to company savings accounts and SIMPLE IRAs on behalf of employees making student loan payments. That could have an interesting long-term impact, especially for younger employees who may be struggling with trying to save for retirement while paying off student loans. While it can be easy to get excited for these anticipated changes, I will remind you again that this legislation has only passed the House and not the Senate. The Senate may make some big changes and the final bill that ends up on the President’s desk could be quite different than what we see here. However, I figure it’s still good to share info about this bill and to show that Congress is working to make changes to the where and how people save to retirement.