{"id":1410860,"date":"2022-03-30T16:15:32","date_gmt":"2022-03-30T20:15:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1410860"},"modified":"2022-03-30T16:15:53","modified_gmt":"2022-03-30T20:15:53","slug":"house-swiftly-passes-key-tax-benefits-for-retirement-accounts-heres-how-it-works","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-swiftly-passes-key-tax-benefits-for-retirement-accounts-heres-how-it-works\/","title":{"rendered":"House Swiftly Passes Key Tax Benefits For Retirement Accounts. Here\u2019s How It Works"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-swiftly-passes-key-tax-benefits-for-retirement-accounts-heres-how-it-works%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1410860&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>The House of Representatives passed a bipartisan bill Monday providing massive tax benefits for American workers\u2019 retirement savings accounts.<\/p>\n<p>The Securing a Strong Retirement Act, <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/2954\/text\" target=\"_blank\" rel=\"noopener noreferrer\">H.R. 2954<\/a>, more commonly known as the Secure Act 2.0, was approved on a 414-5 vote with strong bipartisan support. The bill aims to create a $1,000 tax credit for workers at small businesses that offer savings plans, allowing <a href=\"https:\/\/dailycaller.com\/2022\/03\/29\/job-openings-unchanged-february-quits-inflation-employment-labor\/\" target=\"_blank\" rel=\"noopener noreferrer\">employees<\/a> to automatically enroll in retirement plans rather than requiring them to sign up individually. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/30\/labor-market-retirement-covid-19-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Massive Number Of Americans leave Retirement To Rejoin Workforce)<\/a><\/strong><\/p>\n<p>\u201cH.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,\u201d House Ways and Means Committee Chairman Richard Neal, who sponsored the bill, <a href=\"https:\/\/waysandmeans.house.gov\/media-center\/press-releases\/neal-floor-statement-securing-strong-retirement-act-2022\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> on the House floor Tuesday. \u201cToo many workers reach retirement age without having the savings they need.\u201d<\/p>\n<p>\u201cWe need to do more to encourage workers to begin planning for retirement earlier,\u201d Neal said. \u201cAnd we need to make saving easier.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Enhanced retirement security is critical for many especially coming out of COVID and facing increasing costs of living. Yesterday the U. S. House passed H.R. 2954, our Securing a Strong Retirement Act, which I cosponsored, (1\/2) <a href=\"https:\/\/t.co\/MxAEXJvqDv\">pic.twitter.com\/MxAEXJvqDv<\/a><\/p>\n<p>\u2014 Rep. Ed Case (@RepEdCase) <a href=\"https:\/\/twitter.com\/RepEdCase\/status\/1509176309867556868?ref_src=twsrc%5Etfw\">March 30, 2022<\/a> <\/p>\n<\/blockquote>\n<p>The <a href=\"https:\/\/gop-waysandmeans.house.gov\/one-pager-secure-2-0-securing-a-strong-retirement-act\/\" target=\"_blank\" rel=\"noopener noreferrer\">bill<\/a> also aims to help Americans who are approaching retirement but have not actively contributed to their savings accounts. Roughly half of adults between the ages of 55 and 66 did not have any form of retirement <a href=\"https:\/\/www.census.gov\/library\/stories\/2022\/01\/women-more-likely-than-men-to-have-no-retirement-savings.html\" target=\"_blank\" rel=\"noopener noreferrer\">savings<\/a> in 2017, according to data from the U.S. Census Bureau.<\/p>\n<p>\u201cOur bill, SECURE 2.0 improves workers\u2019 long-term financial wellbeing, by helping more Americans save for retirement at every stage of their life,\u201d Republican Leader on the House Ways and Means Committee Kevin Brady <a href=\"https:\/\/gop-waysandmeans.house.gov\/brady-delivers-remarks-on-secure-2-0-to-help-americans-save-for-retirement\/\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> on the House floor Tuesday. \u201cBy providing flexibility, for example, we make it easier for local businesses to tailor retirement plans to best fit the needs of their workers.\u201d<\/p>\n<p>\u201cThese reforms help Americans not only save earlier in their careers, but it helps families save longer, as well,\u201d Brady added.<\/p>\n<p>Other provisions allow workers who began their careers later in life to contribute up to $10,000 in their retirement accounts each year, but require those savings to be taxed before entering the account. The legislation would also increase the necessary age for required minimum distributions from 72 to 75.<\/p>\n<p>If the legislation is enacted, workers still paying off student loan debt will also receive matching contributions from their employers.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House of Representatives passed a bipartisan bill Monday providing massive tax benefits for American workers\u2019 retirement savings accounts.The Securing a Strong Retirement Act, H.R. 2954, more commonly known as<\/p>\n","protected":false},"author":86,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1410860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1410860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/86"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1410860"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1410860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1410860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1410860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1410860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}