MarketWatch

Secure 2.0 is far-reaching legislation that changes rules on saving for retirement and emergencies and for taking money out of retirement plans

This article is reprinted by permission from NextAvenue.org.

Congress and President Joe Biden just turned into law the biggest changes for retirement savings in the past 15 years.

"This important legislation will enhance the retirement security of tens of millions of American workers," said Brian Graff, CEO of the American Retirement Association, a national group of pension professionals.

Pam Krueger, founder of the financial adviser vetting service Wealthramp, said on a recent episode of the Friends Talk Money podcast that the legislation "opens up more opportunities to save more, removing barriers and restrictions to expand the tax-free benefits that Roth IRAs and 401(k)s can offer." (I co-host that podcast with Krueger and personal finance writer Terry Savage.)

What's in it for you?

The legislation, known as Secure 2.0 (a follow-up to the Secure Act of 2019), has significant new rules for saving for retirement, withdrawing money from retirement plans, dealing with financial emergencies and more. The most important provisions are described below.

While the new law is sweeping, some retirement analysts think it doesn't go far enough.

Teresa Ghilarducci, co-author of "Rescuing Retirement" and an economics professor at the New School for Social Research has said "no one should confuse [Secure 2.0] with a solution to...

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