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.
“The big ugly fact out there is that since modern recorded history, only about half of workers have ever had a retirement plan,” says Monique Morrissey, an economist with the Economic Policy Institute, referring to savings vehicles like 401(k)s. “More than half of workers either have little or nothing.”
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