New retirement rules could make it easier for Americans to accumulate retirement savings — and less costly to withdraw them — if lawmakers pass a retirement reform package before the end of the month. The House already passed its own version of retirement plan rule changes, and two key Senate committees passed their own versions. Since the summer, lawmakers have been trying to stitch the three bills together into one large package known as Secure 2.0.
Help employees build and access emergency savings Normally if you tap your 401 before age 59-1/2, you must not only pay taxes on that money, but also pay a 10% early-withdrawal penalty. For employees who are dissuaded from saving money in a tax-deferred retirement plan because they are concerned it would be too complicated and costly to access it for emergencies, Secure 2.0 may include one or two options to assuage that fear.
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