Limiting a Retirement Classic: The IRA May See Some Unwelcome Changes

Sep 30

IRAs were created in 1974 under the ERISA legislation that set minimum standards for company pension plans. They were conceived as a way for individuals not covered by those plans to access tax-advantaged retirement savings. They’ve changed over the decades, and usually for the better. Roth IRAs and the ability for folks who already have a 401(K) to access them are just two examples.

The proposed Build Back Better Act, which has ambitious goals for infrastructure and bolstering the social safety net, must find a way to pay for them – and is setting sights on this retirement staple. The changes may not seem to affect that many retirement savers on the surface, but as the details become clearer the impact becomes greater.

We break down the details.

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