Congress gets serious about retirement saving

You can expect more details on President Trump’s tax plan this week, but it’s not too soon to let your lawmakers know that 401(k) deductions are an important component of your retirement savings.

Should you ever decide to run as a Representative or Senator in U.S. Congress, you can look forward to some generous retirement benefits. This is assuming you get elected and stay in the job for a while. As with anyone working in government, federal retirement plans can have multiple options that go far beyond just acquiring Social Security.

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How Congress Hopes to Boost Americans' Savings. The Washington Post recently noted that one of the major retirement bills being. up tax-free earnings and get cash if, for instance, their car broke down, the roof began.

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Since retirement legislation passes about once a decade, Congress. Over 50 million working Americans lack access to a work-based retirement savings option .. Currently, Congress is seriously considering open MEPs.

Tax-preferred retirement savings accounts should be. But over time, Congress has allowed penalty-free withdrawals for more. I get it: Younger people may face costly expenses and have no. And the problem is serious.

Retirement planning takes decades of hard work, and it can sometimes be confusing and overwhelming. Fifty-six percent of.

The delayed portion of the Fiduciary Rule would further require that retirement advisers who still want to charge commissions sign contracts with their IRA clients detailing what compensation they’re.

Makeover Gets Serious About Saving, Investing.. The Roth also offers attractive flexibility for investors who are saving for retirement and also thinking about college savings. They can.

According to the congressional research service, as of Oct. 1, 2013, there were 367 former members of Congress who had retired under the Civil Service Retirement System, the old system that was.

Hatch asked for serious policy proposals–not slogans. Everyone agreed that getting more small employers to sponsor 401(k)s is key to getting more employees saving for retirement as individuals are.

Recent studies have made news highlighting how few Americans have adequate retirement savings or pensions. Some could lose as much as 70 percent of their benefits if Congress fails to act. In 2014,