Congress wants to change how you save for retirement. Here's what to know.

Americans could soon change the way they save for retirement, thanks to several reforms included in the mammoth $1.7 trillion omnibus spending bill that lawmakers are rushing to pass before Friday. 

At more than 4,000 pages, the spending bill is geared toward funding federal agencies through September 2023, but it also touches on everything from emergency assistance for Ukraine to America's retirement gap. The latter stems from a retirement bill that was passed earlier this year in the House with broad bipartisan support — the Secure 2.0 bill, which was wrapped into the omnibus spending bill. 

The changes come as almost half of older workers have no retirement savings, and many who are socking away money for their golden years are far from their goals. While Americans believe they need savings of $1.25 million to live comfortably in retirement, the typical retirement account holds less than $87,000.