Tom Buffenbarger, an independent labor voice, joined the America’s Work Force Union Podcast and discussed the Securing a Strong Retirement Act of 2022, and if it becomes law, the impact it would have on the retirement accounts of everyday working people.
Also known as “Secure 2.0,” the Securing a Strong Retirement Act (H.R. 2954) was approved March 29 by the U.S. House in a bipartisan 414-5 vote. If it becomes law, the bill would expand automatic enrollment, simplify many retirement plan rules and strengthen small businesses’ ability to offer workplace retirement plans.
Buffenbarger argued the bill would also ensure wealthy individuals could stash away even more money into tax advantaged retirement accounts. He pointed to an article published in the Washington Post by Daniel Hemel that explains why the wealthy hold all the advantages when it comes to retirement systems and tax laws. This latest bill would only reinforce the trend, Buffenbarger said.
He pointed out the average American has $50,000 or less invested for retirement. More needs to be done to help everyday workers save for retirement, he added.
Buffenbarger called for a strengthening of Social Security and Medicare so everyone can benefit, not just the top 29,000 IRA and 401K holders in the country.
Listen to the entire episode to learn more about these topics.