One will make it easier for administrators to use birthdates on forms when Social Security numbers are missing.

The House has already approved the bills, and they are now headed to President Biden's desk.

The IRS reminded account holders, and their beneficiaries, with employer-sponsored retirement plans and IRAs, of the upcoming Dec. 31 deadline — or face penalties.

Employees who start saving an additional $7,500 per year until age 67, while earning a modest 7% compounded annually, can add $250,000 to their retirement nest egg, says Ambassador Wealth Management’s Phill Battin.