Last year, a Federal Reserve survey saying that only 68% of Americans could cover a $400 emergency with cash made quite a stir. While an additional 21% said they could come up with the money somehow, their strategies often involved taking on debt. It's far from ideal, but up until now, low-income families haven't had many other options when faced with unplanned expenses.

That's set to change next year when a new SECURE 2.0 Act provision goes into effect. Here's what you need to know.

Image source: Getty Images.

Continue reading

Source Fool.com