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The Senate Finance Committee advanced a bill on Wednesday that would raise the age for required minimum distributions from retirement accounts to 75. The Enhancing American Retirement Now Act is half of the Senate’s version of SECURE Act 2.0, the retirement legislation that the House of Representatives passed in March.

Senate Finance Committee advanced a bill that would raise the age for required minimum distributions from retirement accounts to 75. The Enhancing American Retirement Now (EARN) Act is half of the Senate’s version of SECURE Act 2.0, the retirement legislation that the House of Representatives passed in March. The other half, called the RISE & SHINE Act, moved out of theSenate Health, Education, Labor, and Pensions Committee.

The legislation is unlikely to progress to a vote before the full Senate. There are relatively few legislative days remaining in the year for the chamber’s already packed agenda. The bill would become the second major retirement bill in less than three years, a successor to the SECURE Act of late 2019.

The bill would be attached to another piece of legislation that must pass by the end of the year. The legislation’s strong bipartisan support gives it a greater likelihood of success, Richman says. Lawmakers next need to agree on the details of the bill, he says.
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