NY Times: New Spending bill makes it easier to save for retirement (no paywall)

Tara Siegel Bernard
By Tara Siegel Bernard
Dec. 20, 2022
Updated 4:45 p.m. ET
The federal spending package unveiled on Tuesday includes new provisions that would alter how millions of Americans save for retirement, including older people who want to stash away extra money before they stop working and those struggling under the weight of student debt.

Many of the policy changes in the bill, which is expected to pass this week, will extend help to Americans who can already afford to save or have access to workplace plans. But lower- and middle-income workers will receive a new benefit that amounts to a matching contribution — up to $1,000 per person — from the federal government. Another provision will make it easier for part-time workers to enroll in workplace retirement plans.

“It is really meaningful progress,” said Shai Akabas, director of economic policy at the Bipartisan Policy Center. “We can’t expect Congress to solve all of our nation’s retirement challenges in one piece of legislation, but this includes a host of provisions that will move the ball forward.”

The changes were included in a bipartisan bill, known as Secure 2.0, which was folded into the vast federal spending package that will keep the government running.

New Spending Bill Makes It Easier for Americans Saving for Retirement https://www.nytimes.com/2022/12/20/your-money/spending-bill-401k-retirement-savings.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUktbfqYhlSlUZAybEWsU96xiBg_Xeh6cki3nyLS6aDDxDy-BQX9DZ-ALXaLZifdY20jKHAcRILr4pS-c0zvNaOwYlbTiUlaa-ucZPJTQp-8X0V3kq3pnJUPdlq2-wNGfmIqInm7Gx-k_daWj1CKfZ0WklI1oyoZNkJlCriXwY1-ySRL4Or9p63_YkD599QS5RJ3XZ-qm1VGgtfYmOfRre6QIpW-pGWjm1nNaU6bIIdQ06GkuRBTokoj56sIUATYtRaKXvLBcget78gaETDwFqLISoD543R-vEhnRsSGG07TxyQd2eP0lFcU8