3 Big Ways Retirement Saving Just Got Easier in 2024
According to a 2021 study from the National Institute on Retirement Security, more than two-thirds of Americans believe there's a retirement crisis. The study also found that 58% of respondents believe they won't be able to achieve a secure retirement, and 65% of Americans believe they'll have to work past retirement age in order to have enough money to live.
And who wouldn't be worried? After all, the 2021 to 2022 inflationary period highlighted very well how the value of your spending dollars diminishes over time. Even though inflation appears to be on its way down at the moment, the Federal Reserve targets a 2% inflation rate, meaning your savings will need to grow at least that much, and preferably much more, over time.
Fortunately, the former Congress and current administration passed the Secure 2.0 Act in 2022, building on the 2019 Secure 1.0 Act that reformed the country's retirement system for the first time in more than a decade.
Source Fool.com
National Cinemedia Inc. Stock
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