There are good provisions in the legislation for average Americans, experts say, like the creation of employer emergency savings accounts alongside retirement accounts. The new accounts let workers create tax-protected rainy day funds. The legislation also expands the saver’s credit, which provides a 50 percent tax credit on savings up to $2,000, that will be deposited directly into a taxpayer’s IRA or retirement plan.
For many Americans, Social Security — financed by payroll taxes collected from workers and their employers — isIn the sweeping spending package passed Friday, lawmakers authorized roughly half of the $1.4 billion spending increase proposed by the Biden administration for Social Security. Nancy Altman, co-director of Social Security Works, an advocacy group, said Congress should be adequately funding Social Security if “the goal was to really help middle income families.”
Olivia Mitchell, a Wharton economist who specializes in retirement savings, says the results of Secure 2.0′s passage may be felt most with workers at companies that match their employees’ contributions.
Previous funding of Union retirement programs have similar effects. Cancelling student debt will have similar effects. Changing interest rates will be similar… Etc.
How about the 100s of millions to 'shore up' foreign countries borders but zero to shore up your own? Or 3.6m to pay for Michelle Obama's legal costs? What is wrong with you people!...also wondering when we will see coverage of Twitter files?
This article is propaganda. It in no way, shape, or form helps anybody with retirement. All smoke and mirrors.
Republicans just love exploding the deficit 🖕
Lol do you literally write what the Biden Administration tells you to write
It's almost like it's a rigged system.
AP notes one of many unnecessary components of the spending bill. Why not list them all? Because it would confuse the public as why they would be in a bill meant to keep the government running.
WhiteHouseCEA WHCOS nytopinion SenWarren SenSanders SenSchumer “the middleman always makes money” ..2% fee & funds withdrawal extended from 72 to 75 years….Sad- elites, Rich & powerful always protect & profit at the expense of masses….federal employee PLAN pay 0.7% fees
Following the prescribed script of existence... is increasingly more more improbable! Remember,... leveraging man agianst his own survival is a mechanism that only entitles the institutions; irregardless of the institutions professed mission to serve the individuals.
No shit
There are always winners and losers in everything government does.
It's meant to be laundered back to the politicians that approved this economic atomic bomb.
This is obviously a part of the bill Republicans put in, right? Ugh why do they have to be so awful?
Always read the small print when a Bipartisan bill is pushed through
Of course it will. It’s all a Ponzi scheme.
This part is all for Wall Street. They’ll rake in the money on fees and the politicians will make sure the 401s keep on dropping with their policies
Millions of GOVT workers. Why do you always leave that out?