06.22.22
Big Changes to 401(k) Retirement Plans Get Closer With Senate Vote
by: Richard Rubin; Anne Tergesen
Americans could wait longer to start emptying retirement accounts and face fewer restrictions on emergency withdrawals under a bill advanced unanimously by the U.S. Senate Finance Committee. The bipartisan bill is broadly similar to a measure passed by the House on a 414-5 vote in March, though there are differences that need to be resolved. One discrepancy is over the timing of an increase in the age at which savers must start taking withdrawals from 401(k)-type accounts and traditional individual retirement accounts. The Senate bill raises the age from 72 today to 75 in 2032, while the House bill would increase it to 73 next year, 74 in 2030 and 75 in 2033.
Read the full article on Wall Street Journal