Search
 
Expert Opinion

Report: New SECURE 2.0 retirement law still falls short for low-income workers

Even up to 40% of middle-income workers are at risk of slipping into near-poverty in retirement, according to the Schwartz Center for Economic Policy Analysis, which recommends universal retirement accounts.

By Michael Popke | December 30, 2022 at 10:25 AM
(Photo: Shutterstock)

As the year draws to a close, another round of changes to the U.S. retirement system is on tap — via the SECURE 2.0 Act of 2022, which has just been passed by Congress.

Part of the $1.7 trillion 2023 omnibus appropriations bill unveiled in late December and passed by the Senate and House before Christmas, the SECURE 2.0 Act includes, as CNBC.com reports, provisions “intended to build on improvements to the retirement system that were implemented under the 2019 SECURE Act. Those changes included giving part-time workers better access to retirement benefits and increasing the age when required minimum distributions, or RMDs, from certain retirement accounts must start — to age 72 from 70.5.” (The new law increases that mandatory age to 73 in 2023.)

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.