SECURE 2.0 Act Takes Retirement Savings to the Next Level
February 8, 2023
Stymied by inflation, cost increases to housing and healthcare, and even student loan payments, many workers struggle to save for retirement. Their challenge to build and preserve a nest egg is a growing concern to U.S.-based organizations that sponsor retirement plans. An organization’s bottom line can be impacted by more than $50,000 annually for every employee who can’t retire on time due to not effectively saving for retirement.1
That cost can add up to millions annually — a financial blow that’s unsustainable for most organizations. To help employees save for the future and become retirement-ready, employers must enhance retirement plan participation, education and financial wellness programs.
To address the savings barriers Americans face today, the SECURE 2.0 Act provides more than 90 retirement provisions to modernize the retirement system, making plans more affordable and improving wealth-building opportunities for millions of Americans. Some provisions went into effect January 1, 2023, and others will be mandated in 2024, 2025 and beyond.