Saturday, January 28, 2023

Play

A critical number of rural IA nursing homes close; TX lawmakers consider measures to restrict, and expand voting in 2023 Session; and CT groups, and unions call for public-health reforms.

Play

Attorney General announces enforcement actions on ransomware, Democrats discuss border policies, and the FDA is relaxing rules for gay and bisexual men to donate blood.

Play

"Brain Gain?" Research shows rural population is actually growing, especially in recreational areas; other small towns are having success offering relocation incentives like free building lots, cash, complimentary dinners and even internet credits; and researchers say the key is flexibility and creativity.

New Bill Aids People Planning for Retirement

Play

Monday, September 19, 2022   

A new piece of legislation in Congress will help people across the U.S. prepare for retirement with greater ease.

The EARN Act - short for Enhancing American Retirement Now - reduces requirements for part-time workers to participate in retirement plans, allows for penalty-free emergency withdrawals from retirement accounts, and encourages small businesses to adopt retirement plans.

AARP Connecticut state director Nora Duncan said she feels this will expand people's options when they consider retirement planning.

"While Social Security continues to be the bedrock of retirement income for American workers and their families," said Duncan, "individuals want and need additional retirement income sources in order to live the way they need to as they age."

The EARN Act comes just as Connecticut became one of a few states with state retirement plans, which Duncan said she feels could help businesses of all sizes establish some kind of retirement plan.

Other states with these kinds of plans include California, Oregon and Illinois. Although these plans are relatively new, data from the Pew Research Center shows these plans have seen steady growth since their inception.

While the EARN Act is still relatively new, Duncan said she sees some potential opposition to it coming from the finance sector regarding how people receive their statements.

According to data from AARP, more than half of adults with employer-sponsored retirement plans would prefer paper statements.

She said she feels some benefits to the new bill come with drawbacks as well.

"Being able to qualify for retirement savings at work in two years of part-time work with a company rather than three, really makes it easier to save for retirement," said Duncan. "But, this isn't particularly helpful to the many older workers who can only find part-time work."

She added that this also might not be helpful for people who have to work part-time, due to caregiving responsibilities.

But, the EARN Act has received a great deal of bipartisan support in Congress, providing the possibility of its safe passage in the coming months.



Disclosure: AARP Connecticut contributes to our fund for reporting on Budget Policy & Priorities, Health Issues, Hunger/Food/Nutrition, Senior Issues. If you would like to help support news in the public interest, click here.


get more stories like this via email
New data show in California, 2021-22 state testing scores are even lower than the state's historically low testing scores. (Rawpixel/Adobe Stock)

Social Issues

Many of California's 13.5 million children and teens have not bounced back after the pandemic, especially children of color, according to the just-…


Social Issues

Americans continue to report low trust in mainstream media, with many younger than 30 saying they trust information from social media nearly as much …

Social Issues

A Minnesota House committee heard testimony Thursday about the governor's proposed spending plan for education. As these talks unfold, public polling …


From February 2020 to November 2021, the number of workers in nursing homes and other care facilities dropped by 410,000 nationally, according to the Bureau of Labor Statistics. (Adobe Stock)

Health and Wellness

Health-care professionals say low pay and a worker shortage have led a dramatic number of nursing homes in rural Iowa to close their doors. They hope …

Health and Wellness

Health-care professionals and advocates in Connecticut have said it will take sweeping reforms to bolster the state's flailing public health system…

Since the 2020 election, GOP-led states have enacted 102 new election penalties, according to an analysis by States Newsroom and the Voting Rights Lab. (niyazz/AdobeStock)

Social Issues

By nearly every measure, voter fraud in U.S. elections is rare, but that isn't stopping the Texas Legislature from considering dozens of bills this …

Social Issues

A Republican-sponsored bill in the Arkansas Legislature would make it illegal to circulate petitions at or near polling places during elections…

Environment

New Mexico residents have two weeks to submit written comments to the Environmental Protection Agency about its proposal to implement stronger standar…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021