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Buchanan: Strengthen America’s Retirement with Bipartisan SECURE 2.0

February 28, 2022

Over half of all working Americans are behind on their retirement savings, which is why Congress should pass the bipartisan Securing a Strong Retirement Act of 2021, argues Republican Leader on the Ways and Means Health Subcommittee Rep. Vern Buchanan (R-FL). Passed through the Ways and Means Committee in 2021, SECURE 2.0 builds upon the SECURE act of 2019 by doubling tax credits for businesses, expanding auto-enrollment, and pushing back the required withdrawal date to strengthen retirement savings and ensure retirees’ savings last longer.  

CLICK HERE to read the full op-ed.

  Key Excerpts:

  • “Congress can help head off this avoidable emergency and give individuals, families, and businesses more tools to boost their retirement nest eggs.” 
  • “In fact, last May, the House Ways and Means Committee unanimously passed the bipartisan Securing a Strong Retirement Act of 2021, legislation filled with new incentives to help improve the retirement financial landscape for everyone.”
  • “Unfortunately, this bipartisan effort has since stalled in Congress. Speaker Nancy Pelosi has so far refused to bring it to the full House for a vote. Instead, Democrats in Congress have pursued a completely partisan agenda to placate their party’s far left.”

  About the Securing a Strong Retirement Act (SECURE 2.0)…

  • “It would double the existing tax credit for businesses with 50 or fewer employees that start a company retirement plan. That means a small business can get a dollar-for-dollar reimbursement for the costs associated with starting such a plan for its workers. It also provides these employers an additional credit for up to $1,000 of matching contributions they provide to their employees.”
  • “For employers who start new retirement plans, the bill also expands auto-enrollment (with an easy opt-out alternative for those that do not want to participate), a proven way to boost participation in retirement savings plans, with protections for those who don’t want to enroll.”
  • “The legislation also reforms rules regarding when retirees are required to begin withdrawing money from their accounts. Current law requires distribution at 72 years of age. This bill would push back that requirement to 75 — another easy way to make retirees’ savings last longer as life expectancy increases. For those nearing retirement who need to increase their savings, the bill allows workers to double their catch-up contributions, from $5,000 to $10,000 per year.”
  • “Another common-sense step Congress should take immediately is to pass another bill I have proposed: the “Know Your Social Security Act.” My bipartisan bill helps Americans plan for retirement by making it easier to access critical information about an individual’s Social Security earnings, contributions, and future benefits.”

  Key Takeaway:

  • “Retirement doesn’t have to turn into another U.S. financial crisis. With responsible incentives and smart planning, we can give more people the peace of mind they deserve as they grow older.”

  READ: Ways and Means Committee Continues Bipartisan Tradition with Passage of Landmark Retirement Legislation