Congress wants to change how you save for retirement. Here's what to know.
CBSN
Americans could soon change the way they save for retirement thanks to several reforms included in a $1.7 trillion spending bill approved by House lawmakers last week.
Along with funding federal agencies through September 2023, the spending bill also touches on everything from emergency assistance for Ukraine to America's retirement gap. The latter stems from a retirement bill passed earlier this year in the House with broad bipartisan support — the Secure 2.0 Act, which was wrapped into the omnibus spending bill.
Policy analysts with investment bank Raymond James on Wednesday said the measure "makes the most significant changes to the U.S. retirement savings system in decades." Those 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.
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