New retirement bill would boost RMD age to 75

The bill would also make it easier for workers to save for retirement while repaying student loans.

Sens. Ben Cardin, D-Md., and Rob Portman, R-Ohio, reintroduced legislation late Monday that would raise the required minimum distribution age from 70 ½ to 75 and also help workers pay off their student loans.

Cardin and Portman’s Retirement Security and Savings Act of 2019 overlaps with some provisions in the Retirement Enhancement and Savings Act (RESA) of 2019, which was introduced on April 1, but RESA only raised the RMD age to 72.

The RESA bill, introduced by Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and ranking member Ron Wyden, D-Ore., is similar to H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which is expected to get a vote on the House floor before Memorial Day weekend.

“Passage of RESA remains a top priority for Sen. Wyden and me,” Grassley said Tuesday, adding that he hopes the House “will send its version of RESA over to us this month.”

 

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