Lawmakers Advance Comprehensive Retirement Reform: What to Know

The House Ways and Means Committee voted on Tuesday to advance several pieces of legislation aimed at encouraging retirement savings among Americans and strengthening their long-term financial security.

Among the provisions called for are a couple aimed at increasing the flexibility associated with retirement accounts. If approved, individuals would be allowed to stash money into IRA accounts beyond the current age limit of 70 1/2. It would also delay when individuals are required to begin taking required minimum distributions to 72, from 70 1/2.

What to Know About Comprehensive Law Reform

Lawmakers are hoping to incentivize small businesses to offer private retirement plans to their employees by awarding tax credits of up to $500 for those that automatically enroll workers.

The legislation seeks to make it easier for companies to band together to offer 401(k) plans.

Traditional 401(k) plans would be encouraged to offer annuities to participants as well, through being awarded certain legal protections.

“Our reforms will help families save more and earlier for the future, ensuring folks have the flexibility and control over their own savings they need for whatever life throws their way,” the top Republican of the House Ways and Means Committee, Rep. Kevin Brady, R-Texas, said in a statement last week.

Lawmakers are also pushing updates to 529 college savings plans, which would allow the funds to be used for other education-related expenses, such as private schooling and apprenticeships.

Retirement reform is one of a few efforts in Congress believed to have bipartisan support. Major reforms haven’t been enacted in more than a decade.

Another bill was approved that aims to reform the IRS — including changes that would help protect taxpayers from fraud.

The package of bills will need to be approved by the full House, before being taken up by the Senate.

Source: ‘Lawmakers advance comprehensive retirement reform: What to know’ By Brittany De Lea, Published April 02, 2019 on FOXBusiness.

Ask Us a Question

The IRA Advantage & Equity Advantage Incorporated YouTube Channels

Can’t make our monthly Equity Advantage and IRA Advantage Continuing Education Seminars? Now catch some of the highlights available online from the comfort of your cell phone or computer!

Head to our channels and watch as owner of Equity Advantage and IRA Advantage, David Moore speaks on the basics of 1031 Exchanges and Self-Directed IRA’s in today’s market, including What Is An Exchange, What Can Be Exchanged, How Are Self-Directed IRA’s created, and more!

Subscribe to our channel for more videos!

Coming Up…

April Seminar
Or call 503-635-1031

New Video Series!

Life Insurance Policies: The Good, the Bad and the Ugly

April ATE Video Image


Stay tuned for our newest series of Ask The Experts, where we cover the latest in Life Insurance Policies. Watch above as IRA Advantage Owner David Moore and guest Art Scevola talk through “The Goods” of life insurance, and how to optimize your use today! For more IRA topics and questions head to our channel now.

Are You Happy With Your Retirement Plan

Post 1031 Announcement


The Guys With All The Answers…

David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage

Whether working through a 1031 Exchange with Equity Advantage, acquiring real estate with an IRA through IRA Advantage or listing investment property through our Post 1031 property listing site we are here to help Investors get where they want to be. About Us…

“Go confidently forward in the pursuit of your dreams; live the life you’ve imagined”

Call today to speak to the experts at IRA Advantage.


Checkbook IRA | Real Estate Investments | 401K Buying a Business | Solo 401K

Your Retirement Your Way IRA Advantage