Congress Wants To Reset Investing | Savings At Risk

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NEW CHANGES FROM CONGRESS: https://www.finance.senate.gov/imo/media/doc/EARN%20Act%20section%20by%20section%20summary1.pdf

The “Retirement Savings Modernization Act” would allow 401k accounts to offer Alternative Investments.

The plan “will open the door to higher returns and a more secure retirement for millions of Americans” – and if you’re curious what TYPE of investments would be allowed…everything from private equity, hedge funds, venture capital firms, real estate, real estate investment trusts, commodities, infrastructure investments, insurance products, annuities, and digital assets.”

A study from Georgetown found that – from 1990 through 2016 – investors who bought diversified assets had 17% MORE MONEY by the time they retired – AND reduced volatility, while ALSO giving you a HIGHER SUCCESS RATE of not running out of money.

Because of that, Congress believes that individual investors have the right to chose where they’re able to invest for retirement…and, by having more options available…they should, in theory, be able to make more.

OTHER CHANGES:
-Automatic Enrollment.
As it stands right now – most retirement plans are OPTIONAL – meaning, you have to know about them – and WANT ONE – in order to contribute. But, by making ENROLLMENT AUTOMATIC…employees would be enlisted from the very beginning, without any work on their end – UNLESS they want to opt out.

-Larger Tax Credits.
This new proposal would automatically give 50% back up to the first $2000…BUT, it would be given as an investment into your 401k.

-Penalty-free withdrawals under certain situations.
This would allow up to $1000 per year to be taken out, for unforeseen financial emergencies…and, you would have 3 years to put that money back to avoid paying tax.

-Roth IRA catch-up contribution would be indexed to inflation.
This would allow people over the age of 50 to contribute an extra $1000 per year – and, that would increase each year thereafter depending on CPI.

-401K Catch-Up Plans would also increase.
As it is now, those over the age of 50 are allowed to contribute an extra $6500 per year…but, this would create a NEW provision that would allow people over the age of 60 to throw on an extra $1000 ON TOP OF THAT…also indexed to inflation.

-People can “Self-Certify” financial hardship to take out money early.
This new plan would simply create a “self-certify” option in its place, so that people have an easier time getting their money as needed.

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