Congress could be making come changes to retirement plans that could have some big impacts on how you save for retirement. The “Family Savings Act of 2018” (H.R. 6757) is a proposed piece of legislation that could change age restrictions on making IRA contributions, whether you have to take a required minimum distribution (RMD), where you save, and adds new exceptions to the 10% early distribution penalty. I’v mentioned a few of these in past posts, but today I am going to focus on the potential new way to save. The proposed legislation introduces a new tax-advantaged account to the tax code, called a Universal Savings Account. Such accounts would grow in a manner similar to that of a Roth IRA, that is, tax free, but would have fewer restrictions. One restriction–which could be a big one–is that annual contributions for Universal Savings Accounts would be limited to $2,500. As more becomes known and discussed regarding these accounts, they may become an important part of the retirement saving process. This legislation may be worth keeping an eye on as it moves through Congress and I will certainly discuss it in the future as more becomes known.