Americans could be in store for a major retirement overhaul with the Securing a Strong Retirement Act of 2022, otherwise known as the Secure 2.0 bill. The proposal, which on March 29 passed the House with broad bipartisan support, comes as almost half of older workers have no retirement savings.
To be sure, Secure 2.0 has yet to pass the Senate, but the plan so far has garnered support from both Democrats and Republicans as well as retirement experts and advocacy groups like the American Society of Pension Professionals & Actuaries.
The bill has the potential to solve some of retirement problems facing American workers — including their lack of retirement readiness. And workers are clearly worried about their ability to financially handle retirement, with a new Allianz Life study finding that more than 6 in 10 non-retirees fear running out of money more than death.
“This bill is built for both people who are preparing for retirement and people in retirement,” said Kelly LaVigne, vice president of consumer insights at Allianz Life. “It’s not like Washington is singing kumbaya, but there is a lot of support for revising retirement savings.”
Here are 5 of the the most significant ways the bill would impact retirement savings, according to experts.