With the end of the year fast approaching, there is still the possibility that retirement savings strategies will get a bipartisan boost.
SECURE Act 2.0 is currently awaiting a final vote in Congress — the pending legislation is anticipated to be a package of several retirement-related bills, expanding on provisions laid out in the original SECURE Act, which passed in 2019.
Parts of the legislation have already passed separately through either the House of Representatives or the Senate. Congress will need to combine these various acts into one piece of legislation, SECURE 2.0, and then pass the combined bill through both chambers by the end of the year, though no official date has been set. However, the fact that both parties are coming together on this issue is a very positive sign, says Dave Stinnett, head of strategic retirement consulting at Vanguard.
"There's a feeling that there is a bipartisan approach and agreement on the principles with what's going to be in this retirement bill," Stinnett says. "It's a signal from policy makers that 401(k) plans or defined contribution plans are extremely important and central to the American worker and their retirement readiness, so there's an effort to change or evolve them to make them even stronger."
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