![]() ![]() KIM: Well, like I said, the House already passed the bill - nearly unanimously - but the Senate still needs to vote on it, and it needs to be signed into law. MICHAEL: Yeah, what’s the problem with that? Plenty of people are living and working long past that age so it seems fair that they should be able to keep saving and contributing to their IRAs for longer, too. I mean, for one thing, what’s with the half year? And for another, 70½ is really not all that old. KIM: One change proposed by the bill would allow people of any age who have earnings from a job to contribute to a traditional IRA. But back in May, the House of Representatives passed a bill called the SECURE Act – which stands for Setting Every Community Up for Retirement Enhancement. KIM: One issue with traditional IRAs right now is that they don’t let people make contributions once they reach age 70½. And how can these new proposed regulations help? But it’s still never too late to get started. That doesn’t leave them a lot of time to do a lot of saving. About a quarter of working Americans have no retirement savings at all, including 13% of workers age 60 and older. KIM: Unfortunately, that’s not going so well for a lot of people. And that means we’re each responsible for saving enough to fund our own retirements. KIM: Especially these days! Very few people today have traditional pensions. ![]() MICHAEL: Well, who couldn’t use some help doing that? I’m so happy to be here to share this information with listeners because it could really help a lot of them set up a good plan to make their money last through retirement. Joining me now is Kim Lankford, money expert and former Ask Kim columnist for Kiplinger’s Personal Finance magazine. I’m your host Michael Causey, and today we’re discussing some proposed regulations that aim to give retirement savers more time to build and grow their nest eggs. MICHAEL: Welcome back to Kiplinger’s Talk About Money, sponsored by Synchrony Bank. That’s all coming up on today’s episode of Kiplinger’s Talk About Money, sponsored by Synchrony Bank. But is it ever OK to break or at least bend some of those guidelines? Today you’ll hear about five well-known rules you may want to ditch in some situationsĪfter that, we’ll give you some practical tips on using online services to make car shopping less painfulīut first, we’ve got some potential good news for retirement savers that you can’t afford to miss. MICHAEL: We’ve all heard a few financial rules of thumb that are supposed to help us manage our money. ![]() Car buying with less haggle and less hassle.Make the most of your money by learning more about: Gain new financial insights from our 15-minute podcast, the third in a 6-part series hosted by Kiplinger. ![]()
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