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Congressional Proposal for 401(k) Changes Gains Momentum with New Co-Sponsor

Congressional Proposal for 401(k) Changes Gains Momentum with New Co-Sponsor

A bipartisan proposal aimed at reshaping the way Americans utilize their 401(k) savings is gaining traction in Congress. The Retirement Simplification and Clarity Act, reintroduced by Democratic Representative Jimmy Panetta of California and co-sponsored by Republican Representative Darin LaHood of Illinois, seeks to provide older workers with more flexibility in managing their retirement savings. The bill would allow workers aged 50 and older to move part of their 401(k) funds into an annuity without having to leave their job, offering a way to secure predictable income as they approach retirement. This legislative effort also addresses the complexity of retirement plan paperwork by mandating clearer, plain-language explanations from the IRS. The proposal builds on previous changes made under the SECURE 2.0 Act, which expanded retirement savings options.
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Americans Need Nearly $1.5 Million to Retire Comfortably, Northwestern Mutual Study Finds

Americans Need Nearly $1.5 Million to Retire Comfortably, Northwestern Mutual Study Finds

Americans Need Nearly $1.5 Million to Retire Comfortably, Northwestern Mutual Study Finds
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5 Financial Freebies Every Investor Should Claim

5 Financial Freebies Every Investor Should Claim

How to increase wealth without the IRS taking a penny
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Financial Advisors Warn of Retirement Planning Pitfalls Amid Rising 401(k) Balances

Financial Advisors Warn of Retirement Planning Pitfalls Amid Rising 401(k) Balances

Financial Advisors Warn of Retirement Planning Pitfalls Amid Rising 401(k) Balances
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Senate and House Leaders Announce Plan to Fund Homeland Security Amid Government Shutdown

Senate and House Leaders Announce Plan to Fund Homeland Security Amid Government Shutdown

The Senate is poised to vote on a measure to fund the Department of Homeland Security, aiming to end the longest partial government shutdown in U.S. history. House Speaker Mike Johnson and Senate Majority Leader John Thune have reached an agreement to fully fund the department as part of a two-step process. This plan comes after previous separate efforts by the leaders failed to resolve the impasse, leading to Congress adjourning without a solution. The proposed funding is expected to be a significant step towards reopening the government, although the timeline for the House's action remains uncertain.
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GOBankingRates Study Identifies Corpus Christi as Cheapest U.S. Beach Town for Retirees

GOBankingRates Study Identifies Corpus Christi as Cheapest U.S. Beach Town for Retirees

GOBankingRates Study Identifies Corpus Christi as Cheapest U.S. Beach Town for Retirees
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Trump’s White House ballroom gets final approval days after a judge ordered a halt to construction

Trump’s White House ballroom gets final approval days after a judge ordered a halt to construction

President Donald Trump's new White House ballroom has gotten final approval from a key commission
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Senators Propose Bill to Eliminate Copays for Veterans' Preventive Health Care

Senators Propose Bill to Eliminate Copays for Veterans' Preventive Health Care

A new bipartisan proposal, the Copay Fairness for Veterans Act, has been introduced by Senator Tammy Duckworth and Senator Susan Collins. This legislation aims to eliminate out-of-pocket charges for preventive health services and medications for veterans under the Department of Veterans Affairs (VA) healthcare system. Currently, many veterans are required to pay copays for preventive services, unlike those covered by private insurance or TRICARE. The bill seeks to align VA health coverage with these systems, ensuring veterans do not face financial barriers to accessing preventive care.
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Market Volatility Poses Risk for New Retirees Amid Economic Uncertainty

Market Volatility Poses Risk for New Retirees Amid Economic Uncertainty

Market Volatility Poses Risk for New Retirees Amid Economic Uncertainty
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Lawmakers Push for Labor Department Cyber Apprenticeship Grants Amid Workforce Shortage

Lawmakers Push for Labor Department Cyber Apprenticeship Grants Amid Workforce Shortage

A bipartisan group of lawmakers has introduced the Cyber Ready Workforce Act, aiming to address the cybersecurity workforce shortage in the U.S. The bill directs the Department of Labor to establish a grant program to support the creation and expansion of registered apprenticeship programs in cybersecurity. Senators Jacky Rosen and Marsha Blackburn, along with House co-sponsors Susie Lee and Brian Fitzpatrick, are advocating for this legislation. The bill seeks to provide targeted support for businesses, colleges, and nonprofits to enhance cyber protections. The Trump administration has previously directed the DOL to focus more on apprenticeships and technology, highlighting the urgency of addressing the cybersecurity talent gap.
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Unretired Seniors Turn to Gig Work Amid Financial Challenges

Unretired Seniors Turn to Gig Work Amid Financial Challenges

A growing number of seniors in the U.S. are returning to the workforce through gig jobs due to insufficient retirement savings and rising living costs. Individuals like Stu Goldberg, a 74-year-old former business owner, are taking up roles such as driving for Uber to supplement their income. This trend is driven by the need to fund longer lifespans and the flexibility that gig work offers. Many seniors find themselves in this position due to a lack of retirement savings, with an AARP survey indicating that 1 in 5 Americans over 50 have no retirement savings. While gig work provides flexibility, it also comes with challenges such as limited job protections and expenses that cannot be deducted from taxes.