Groom’s Brigen Winters, chair of Groom’s policy group, contributed to an article for CNN Business, “Congress is debating new retirement rules. These 7 changes are on the table,” where he weighed in on seven savings provisions that are likely to be included in Congress’ pending SECURE 2.0 package.
On the topic of emergency savings, as reiterated by CNN Business, Winters was noted as having stated that, “One option would let you make a penalty-free withdrawal of up to $1,000 a year for emergencies. While the employee would still owe income tax on that withdrawal in the year it’s made, they could get that money back if they repay the amount they withdrew within three years.”
To read the article, please click here. For resources and updates on SECURE 2.0, please visit our dedicated SECURE Act Resource Center here
