Saving More in 2020Submitted by Clarus Wealth on January 13th, 2020
New laws were passed at the end of 2019 that aim to encourage more people to save for retirement in 2020, and it appears to be good timing: According to a December Ispos poll, 38% of Americans planned to have a 2020 New Years Resolution. Of these, 51% state that finances are their priority1.
To encourage financial stability through retirement savings, the maximum contribution rates for retirement plans has been increased, and tax incentives are being offered to small businesses to set up automatic enrollment in retirement plans, as part of the SECURE Act. Read about some of the highlights here.
Are you ready to increase your savings amount, open a new retirement account, or just get a better understanding of how the new rules apply to your retirement goals? Contact us today.
1. Annaleise Azevedo Lohr, “Urban Plates/Ipsos Poll 2020 New Year’s Resolutions” December 11, 2019, accessed January 13,2020, https://www.ipsos.com/en-us/news-polls/urban-plates-ipsos-NY-Resolutions