The Future of Social Security: The Reform Proposals Congress Is Considering | National Conference on Public Employee Retirement Systems

As Social Security’s projected insolvency dates inches closer, momentum is growing in Washington, DC to tackle the issue and shore up the system’s finances so beneficiaries won’t have to worry about benefit cuts in the future. Here’s an overview of some of the proposals that are on the table so far.

IRS to Inform Taxpayers About Saver’s Match Eligibility | National Association of Plan Advisors

The Internal Revenue Service (IRS) plans to begin notifying taxpayers who are eligible for the new Saver’s Match, which goes into effect in 2027 and replaces the Saver’s Credit. The Saver’s Match was one of the provisions of 2022’s SECURE Act 2.0 and will provide up to $1,000 in matching contributions deposited into the retirement savings accounts of low-income workers.

How Retirees’ Spending Has Changed: The Major Differences From Past Generations | Investopedia

A new analysis finds retirees are spending more than in the past, even after accounting for inflation. According to Investopedia, spending has increased in most categories, but housing, transportation, and healthcare have seen the largest increases since 1990. Categories that have seen decreases in spending include tobacco, reading, and apparel.

Trump Accounts Have Auto-Enrolled More Than 60 Million Children, Treasury Says | CNBC

The Department of the Treasury says it has automatically created 530A retirement savings accounts, also known as Trump accounts, for 60 million American children. However, that doesn’t mean the accounts will automatically start accruing savings. Parents who want to contribute to their child’s account or receive the $1,000 starter donation from the federal government must actually claim the account.

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