NAIFA supports the Securing a Strong Retirement Act of 2020, bipartisan legislation introduced by Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) that would help Americans prepare for a secure retirement. Among other provisions, the legislation would create new financial incentives for small employers to offer retirement plans, give people over the age of 60 greater flexibility when contributing to retirement plans, and raise the required minimum distribution age to 75.
“NAIFA would like to thank Chairman Neal and Ranking Member Brady for working across the aisle to introduce legislation that will make a real difference to many Americans preparing for retirement,” said NAIFA Senior Vice President for Government Relations, Diane Boyle. “This legislation would make it easier for employers to offer plans, encourage employees to start preparing for retirement sooner, and allow older Americans to do more to ensure their retirement preparedness.”
The Securing a Strong Retirement Act would build on the SECURE Act, which was signed into law late last year. Retirement planning is a priority for NAIFA members. The recent NAIFA Member Experience survey found that nearly three-quarters of insurance and financial advisors provide retirement planning products and services for their clients. Just over 40% say retirement planning is the most important services they offer for the majority of their clients.