Retirement and 401(k)

Big Changes Are Coming for 401(k)s

Rodney Brooks
March 30, 2023

The latest government omnibus spending bill includes big changes to 401(k) and other retirement plans. These provisions will have a huge impact on retirees but contain benefits for all income levels and ages.

The provisions, part of a bill called the SECURE Act 2.0, basically build on changes approved by Congress in 2019, which raised the age at which retirees must begin mandatory withdrawals from their retirement accounts. Most of the changes affect 401(k), 403(b) and SIMPLE IRA employer-sponsored plans.

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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