Big Changes Are Coming for 401(k)s
The latest government omnibus spending bill includes big changes to 401(k) and other retirement plans. These provisions will have a huge impact on retirees but contain benefits for all income levels and ages.
The provisions, part of a bill called the SECURE Act 2.0, basically build on changes approved by Congress in 2019, which raised the age at which retirees must begin mandatory withdrawals from their retirement accounts. Most of the changes affect 401(k), 403(b) and SIMPLE IRA employer-sponsored plans.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
