The President Wants to Help You Save Retirement Money

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Over 20% of American workers have nothing saved for retirement! President Trump wants to make saving at work much easier and profitable. Friday (August 31, 2018) President Trump signed an executive order to change guidelines regarding your retirement income. The order is an effort to allow you to put away more money in your account for a longer period of time. Dan Weber with the Association of Mature American Citizens explains. “Right now, you HAVE TO start collecting from your IRA or 491K at 70.5 years old. Many people are still working at 70 and don’t want to take out money that’s making money for them quite yet. This will allow them to have some flexibility.”

Most small businesses don’t have an official 401k for their employees because it’s too expensive for them. The President is also asking the administration to make retirement savings plans affordable for small businesses and to reduce bureaucratic barriers. Weber comments, “It’s a supplemental voluntary account, where you put in your own money. Your employer can put in money as well. It’s a tax break for your employer and it acts like a Roth IRA for you!”

One more part of the order is about making it easier to use your health savings account could be part of the initiative as well.

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