Mon-Thurs 9-5pm | Friday 9-1pm
*Evenings & Saturdays by Appointment Only

Primary
14502 N. Dale Mabry Hwy., Ste. 200
Tampa, FL 33618
Satellite Location:
3903 Northdale Blvd. Ste. 100E
Tampa, FL 33624
*Evenings & Saturdays by Appointment Only
14502 N. Dale Mabry Hwy., Ste. 200
Tampa, FL 33618
3903 Northdale Blvd. Ste. 100E
Tampa, FL 33624
The Securing a Strong Retirement Act of 2021 is designed to help families save for retirement. Currently stalled in the Senate Finance Committee, the bill is expected to pass with bipartisan support. Proposed changes include something for everyone. These new changes also include provisions which have implications for trust planning.
For retirees, the bill increases the age at which retires must take minimum monthly distributions, or RMD’s, from age 72 to 73, with graduated increases to age 74 in 2029, and age 75 in 2032.
For seniors who fail to take the RMD, the penalty is lowered from 50% to 15%. Included in the bill is a provision that would further reduce the penalty to 10% if it is corrected within a specified period.
For workers who have not yet gotten around to putting away money for retirement, the bill expands automatic enrollment in employer sponsored retirement plans like 401(k)’s and 403(b)’s. Workers will automatically be enrolled and contribute 3% of pretax income. Automatic contributions would increase yearly until they reach 10% of an employee’s pretax income.
For younger workers just entering the workforce, the bill allows them to take advantage of employer matching contributions by making their monthly student loan payments. Employers could contribute an amount matching the monthly student loan payment towards the employee’s retirement savings.
For workers who are getting close to retirement age and need to add come cushion to their savings, they can make catch-up contributions which will now be indexed to inflation. Workers 50+ can contribute an extra $1,000. Workers aged 62-64 will be able to contribute $10,000, an increase from $6,500 in the current legislation.
14502 N. Dale Mabry Hwy., Ste. 200
Tampa, FL 33618
3903 Northdale Blvd. Ste. 100E
Tampa, FL 33624
The hiring of an attorney is an important matter that should not be based on advertising alone. Before any client hires an attorney, they should make sure they ask them for a written statement of their experience and qualification. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.