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The federal government should do more to help low-income retirement savers, including imposing restrictions on when account holders can take distributions from retirement accounts and providing more time to pay back 401(k) loans, according to fintech IRALOGIX. The firm said while Congress has made efforts to enhance retirement savings, it hasn’t gone far enough to protect the most underserved, low-income workers.

“Congress has done a good job of trying to create tax incentives to help people save more, but that doesn’t really work with people who aren’t making that much money,” said Lowell Smith, co-founder of IRALOGIX. “If you’re making $35,000 a year, a tax break to you doesn’t mean much at all, but that $3,000 to pay off your credit card may mean more.”

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