ICYMI: “SECURE 2.0 will advance women’s retirement security”
WASHINGTON, DC— Last month, the House came together and bipartisanly passed the Securing a Strong Retirement Act of 2021, landmark retirement legislation often referred to as “SECURE 2.0.” In her recent piece for The Hill, Cindy Hounsell, president of Women’s Institute for a Secure Retirement, points out how SECURE 2.0 will particularly help women achieve greater long-term financial security.
The student loan provision will help those saddled with debt to save for retirement, many of whom are young women who have had to choose between loan repayments and retirement contributions.
Additionally, military spouses, most times women, frequently sacrifice their own career aspirations and their ability to save for their own retirement. Understanding this challenge, SECURE 2.0 would provide a tax credit for small employers that make military spouses eligible for their retirement plan within two months of hire; provide a matching or non-elective contribution to the plan; and ensure these spouses are 100 percent vested in all employer contributions within the same time frame.
The Saver’s Credit, which provides lower income earners a tax credit as an incentive to save, also would receive a boost. SECURE 2.0 would simplify access to the credit and promote greater awareness and use among women with low- and moderate-incomes.
Moreover, SECURE 2.0 would help alleviate a concern of many women —outliving their savings.
Read the full op-ed HERE.