A bill passed by the House Tuesday would allow Americans to put more money into their 401(k) retirement savings accounts and wait longer to start taking it out.
The Securing a Strong Retirement Act of 2022 would raise the contribution limit for workers over the age of 50 and allow workers to wait until age 72 to start withdrawing funds, up from the current 70 and a half. Over the next decade, that age would rise to 75.
“For aging people with healthy bodies and healthy bank accounts, the plan would provide significant advantages,” The Wall Street Journal’s Anne Tergesen and Richard Rubin say.
