The SECURE Act and SECURE Act 2.0 are, by most accounts, successful, but what is in the retirement planning forecast for 2024? And possibly beyond?
There is some uncertainty in the air, but retirement reform should stay something that both sides of the aisle work toward in the coming year – and beyond.
And with a presidential election looming in 2024, and many Congressional seats up for grabs, the odds of any major changes occurring prior to that outcome is unlikely.
So, what can you expect for retirement planning forecast for 2024 and beyond? Experts say the as we get closer to the November election, there will be less talk about retirement. However, that doesn’t mean there won’t be changes after the election, as there is still much common ground in the federal government and a need for more Americans to save and invest for retirement – especially as Generation X inches toward their later years.
There is also a need to make changes to make Social Security and Medicare more secure, as there is a retirement income crisis coming. According to the National Council on Aging, the 65-year-old of today can expect to live 20 more years – and about 80 percent of households with older adults are facing financial struggles.
That pressing need will likely have to wait, as the presidential election takes center stage politically, and most of the work will have to be done now and into the summer before a likely slowdown as we enter the fall.
Luckily, the bipartisan support shown in the past is a good sign that the two sides will work together on these issues as we move out of 2024 and into the future.
Do you still have questions about retirement planning options?
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