2 Ways the New SECURE Act Benefits Retirement Savers
There's a reason working Americans today should make every effort possible to save for retirement: Social Security won't provide enough income to allow the typical senior to live comfortably. Generally, those benefits will replace about 40% of your former paycheck if you're an average wage-earner, but most retirees need 70% to 80% of their previous income to keep up with their bills.
Thankfully, workers today have a number of tax-advantaged savings plans at their disposal, and one popular one is the traditional IRA. Here's what makes traditional IRAs so great:
It's for these reasons that many people opt to house their retirement savings in a traditional IRA. And thanks to the recently passed SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement, the rules surrounding traditional IRAs have changed to benefit savers. Here's what you need to know.
Source Fool.com
