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WEKU
WEKU
Business
Arezou Rezvani

Big changes to retirement savings in new federal spending bill

The end-of-year federal spending bill contains major changes to retirement savings in the U.S. (Susan Walsh/AP)

The $1.7 trillion spending bill President Biden is expected to sign into law this week includes several key provisions that are meant to make it easier for workers to save for retirement.

This comes as more Americans are working later in life, often unable to get by on Social Security and retirement savings. By 2030, the number of people age 75 years and older who will be working or looking for work is expected to grow by 96.5%, according to the Bureau of Labor Statistics.

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