On December 29, 2022, the SECURE Act 2.0 of 2022 was signed into law to enhance America’s retirement savings outlook. Since the original SECURE Act (Setting Every Community Up for Retirement Enhancement Act) passed in December 2019, legislators have continued exploring ways to address the general inadequacy of Americans’ retirement savings, and the lack of opportunities for lower and middle income workers, people of color, and women to save for retirement.
Studies have shown that people are much more likely to save for retirement if they have access to a payroll deduction savings plan at work – up to 15 times more likely in one study, and 20 times more likely if they are automatically enrolled in the plan.1 But small businesses, which employ almost one-half of U.S. employees,2 often find that time and cost are obstacles to adopting, administering, and funding a retirement plan.
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