Uh, Oh: Congress Just Made Big Retirement Changes

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At a glance

  • Significant reforms designed to help people save more for retirement are tucked into the $1.7 trillion government spending bill lawmakers passed through both chambers of Congress last week.
  • The bill, which funds the federal government through September 2023, also includes retirement reform legislation beginning on page 2,046 of the massive 4,155-page bill.
  • The legislation, known as SECURE 2.0, is intended to build on improvements to the retirement system that were implemented under the 2019 Secure Act. These changes included giving part-time workers better access to retirement benefits and increasing the age when required minimum distributions from certain retirement accounts must start to age 72 from 70 1/2.

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