How a new law allows more people to save for retirement
Setting Every Community Up for Retirement Enhancement Act passed in January
A new law passed in January 2020 gives more people the chance to save for retirement.
The Setting Every Community Up for Retirement Enhancement Act changes previous retirement laws because it offers small businesses to offer retirement plans to its workers. It also incentives the small businesses to create automatic enrollment.
it makes it so part time employees can retire as well.
It raises the ages of Required Minimum Distributions from 70 and 1/2 to 72.
There are some things I am not fond of in the new law.
For example, they’re going to allow for annuities in 401(k)s.
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