In the next few days, Congress is expected pass a bill that will make big changes to 401(k) retirement plans, allowing many Americans to save more—and allow those savings to grow longer.
Congress is including provisions from the so-called Secure Act 2.0 as part of the $1.7 trillion 2023 omnibus appropriations bill, according to a summary of the legislation. Changes made will increase the contribution limit for workers ages 50 and over, while also raising the age at which investors are required to take withdrawals from their tax deferred accounts, from 72 to 75.
