Retirement Freedom Act

12/19/2024, 9:05 AM

Summary of Bill HR 6993

The Retirement Freedom Act, also known as Bill 118 hr 6993, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide individuals with more flexibility and control over their retirement savings.

One of the key provisions of the Retirement Freedom Act is the expansion of options for individuals to access and use their retirement funds. This includes allowing penalty-free withdrawals from retirement accounts for certain life events, such as the birth or adoption of a child, or the purchase of a first home. Additionally, the bill aims to simplify the rules surrounding required minimum distributions from retirement accounts, making it easier for individuals to manage their savings.

Another important aspect of the Retirement Freedom Act is the promotion of financial literacy and education. The bill includes provisions for the creation of educational materials and resources to help individuals make informed decisions about their retirement savings. This includes information on the benefits of saving for retirement, as well as guidance on how to maximize the growth of retirement funds. Overall, the Retirement Freedom Act seeks to empower individuals to take control of their retirement savings and make decisions that best suit their financial goals. By providing more options for accessing and managing retirement funds, as well as promoting financial literacy, this bill aims to help individuals secure a more stable and comfortable retirement.

Congressional Summary of HR 6993

Retirement Freedom Act

This bill allows an individual to opt out of Medicare hospital services benefits without also having to opt out of Old Age, Survivors, and Disability Insurance benefits and without having to repay Medicare hospital services benefits already received. The bill also allows an individual to opt back in with no penalty.

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Current Status of Bill HR 6993

Bill HR 6993 is currently in the status of Bill Introduced since January 12, 2024. Bill HR 6993 was introduced during Congress 118 and was introduced to the House on January 12, 2024.  Bill HR 6993's most recent activity was Referred to the Subcommittee on Health. as of December 17, 2024

Bipartisan Support of Bill HR 6993

Total Number of Sponsors
2
Democrat Sponsors
0
Republican Sponsors
2
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6993

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 6993

Retirement Freedom ActRetirement Freedom ActTo allow individuals to choose to opt out of the Medicare part A benefit.
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Comments

Sponsors and Cosponsors of HR 6993

Gary J. Palmer
Gary J. Palmer
Alabama(Republican)
Chip Roy
Chip Roy
Texas(Republican)

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