OHIO COUNTY, W.Va. (WTRF) —
Some big changes could be coming to your 401K.
Congress is looking to help Americans save by supporting 401K programs.
Things like possibly moving the withdrawal age to 75, allowing those who have student loans who will be able to pay off debt and put money back for retirement.
They also want to reduce the penalty for early withdrawals.
Jason Haswell from the Monteverde Group says over all they are trying to encourage people to put money away in their 401K.
“The government is finally realizing that these people need to get a jumpstart on retirement in order to have enough when they do retire these rules some of these changes are very positive.”Jason Haswell, Managing Director, Monteverde Group
He says we more than likely won’t see these changes until the end of this year.