Spending bill aids retirees, and boosts financial industry

has been billed as a dramatic step toward shoring up retirement accounts of millions of U.S. workers. But the real windfall may go to a far more secure group: the financial services industry.

But as with so many far-reaching spending bills that get little public consideration, provisions of the legislation also benefit corporate interests with a strong financial interest in the outcome. Companies like BlackRock Funds Services Group, Prudential Financial, Pacific Life Insurance and business lobbying groups such as the Business Roundtable and American Council of Life Insurers are only some of the entities that lobbied lawmakers on Secure 2.0, Senate Katherine DeBerry, a representative from Prudential, said the firm applauds the passage of Secure 2.0, stating that it “will help ensure employees’ retirement savings last a lifetime.

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Spending bill aids retirees, and boosts financial industryU.S. Census data show that roughly half of Americans are saving for their retirement. In 2020, 58% of working-age baby boomers owned at least one type of retirement account, followed by 56% of Gen X-ers, 49% of millennials and 7.7% of Gen Z-ers. This is why social security should be abolished. People could earn more with that money themselves and be certain it will be there when they retire. This sounds to me like a backhanded way to get the government to pay off the student loan debt without having to get the congress to approve it.
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