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The House of Representatives passed legislation Thursday that would make significant changes to the laws governing retirement savings accounts.

The aim of the legislation, which will now move to the Senate for consideration, is to make it easier for more employers, particularly small businesses, to offer 401(k)s, and to let workers guarantee how much income their retirement savings produce by using annuities.

The bill, known as the Secure Act, would let people make contributions to their individual retirement accounts at any age, rather than the current age cap of 70½ years old. It would also raise the age at which required withdrawals for IRAs and 401(k)s kick in, from 70½ years old to 72. It would encourage 401(k) plans to offer annuities by laying out a way for plans to limit their liability if the annuity provider fails to make future payments. And it would let new parents withdraw $5,000 from retirement accounts penalty-free to cover expenses related to their new child.

The move would be the biggest change to retirement plans since Congress allowed for automatic enrollment and target-date funds in 2006.

The House Just Passed the Biggest Changes to Retirement Plans in a Decade

https://www.barrons.com/articles/house-passes-secure-act-retirement-51558629371?mod=bol-social-tw

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