In 2019 the Setting Every Community Up for Retirement Enhancement (SECURE Act), changed tax planning and opened an easier pathway for average Americans to save for retirement. Since 2019 revisions have been proposed, and currently the SECURE Act 2.0 is being debated in Congress.

The House almost unanimously approved the Secure Act 2.0 in March of this year while the Senate has been working on its own version called the Enhancing American Retirement Now (EARN Act). The intent behind these proposals is to bolster Americans retirement savings since the majority of the population is still drastically underprepared for retirement. There is a good chance the SECURE Act 2.0 will be passed, as both the House and Senate versions feature similar provisions with slight differences such as dates and ages. The final bill is still being debated, but we do have an outline of what is currently on the table:

Provisions among the two proposals currently include:

We will continue to monitor updates along the way, but the current proposals do bring good news for retirement savers and retirees!

This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness.

Acumen Wealth Advisors, LLC® is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Acumen Wealth Advisors, LLC® and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Acumen Wealth Advisors, LLC® unless a client service agreement is in place.

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