The WISER Act of 2024, also known as Bill 118 hr 9725, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to improve retirement security for American workers by expanding access to workplace retirement plans.
One of the key provisions of the WISER Act is the creation of a new type of retirement plan called the Universal Retirement Account (URA). This account would be available to all workers, including those who are self-employed or work for small businesses that do not currently offer retirement plans. The URA would be portable, meaning that workers could take it with them from job to job, and would be managed by a professional investment manager to ensure that it grows over time.
In addition to the URA, the WISER Act also includes provisions to make it easier for small businesses to offer retirement plans to their employees. This includes tax incentives for employers who set up retirement plans and simplified administrative requirements to reduce the burden on small businesses.
Overall, the WISER Act of 2024 aims to address the growing retirement crisis in America by expanding access to retirement savings options and making it easier for workers to save for their future. It is currently being debated in Congress, and its supporters argue that it is a crucial step towards ensuring that all Americans can retire with dignity and financial security.