Congress considering proposals that may dramatically impact your retirement

A string of pending proposals on Capitol Hill could change the way current and future retirees live.

But that’s assuming they can first get through both Houses of Congress.

And time is ticking as August recess has already begun. After that, there’s just four months left to the year.

Even if pushing the changes through a Democratic majority in the House of Representatives and the Republican-held Senate proves too difficult, some of the existing proposals could be revisited by lawmakers in the future.

“Often that’s still progress, even though you might not see the fruits of that labor for a couple of years,” said Jamie Hopkins, director of retirement research at Carson Group and professor at Creighton University Heider College of Business.

Here’s a rundown of retirement-related legislation on the table and their chances of passing.

The Secure Act

When the Secure Act sailed through the House of Representatives on May 23 by a 417-3 vote, it looked like it would be fast-tracked in the Senate.

Months later, progress on that side of Congress is still elusive.

The Secure Act would include a bevy of changes to existing retirement rules. Its main goal: to expand access to retirement savings.

It includes measures to allow small employers to band together to offer 401(k) plans, give part-time workers access to retirement plans, take away the 70½ age limit for individual retirement account contributions and raise the age for required minimum distributions to 72, from 70½.

Continue reading on CNBC.


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