Income Research + Management – Saving for Retirement Could Get a Boost


US lawmakers have passed ..’a series of acts this year that contain provisions designed to spur more retirement savings.’

The Bill needs to be voted on by the Senate; it includes the following:

• Increase the maximum annual contribution for retirement accounts by $4,000.
• Increase the age when you must begin required minimum distributions.
• Require automatic enrollment and escalation for employer-sponsored plans.
• Increase the amount for the catch-up provision for those 50 and older.
• Allow employers to help those who are burdened with student debt save for retirement.

‘..This will make it easier for employees to save more for retirement’. And why is this important? ‘..the Center for Retirement Research at Boston College estimated there was a $7.1 trillion retirement savings shortfall among American households, with half of them facing a lower standard of living once they stop working.’

IR+M can ‘ensure participants have attractive fixed income options in their defined contribution (DC) plans’.