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Will Biden’s Revised Retirement Plans Affect Your Savings?

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Living through a pandemic and still saving up for retirement seems like an uphill battle.

The lockdowns and mass unemployment have resulted in a 55% rise in a lower standard of living in retirement for family members between 30 and 59.

Here’s how the new US President, Joe Biden, intends on making both ends meet: 

Biden’s proposals for retirement policy

Assistance for Caregivers

As you age, so does your family. Many a time, Americans stop working before they hit 62 due to their health conditions or to look after their ill spouses or elderly parents, making them lose out on roughly $300,000 in earnings and benefits.

Biden supports an additional $5000 tax credit for family caregivers to provide for their loved ones.

Health Care Cost

Biden attempts to lower prices for prescribed drugs by capping the increment in drug prices and allowing cheaper drugs to be purchased from abroad.

Dropping the age to qualify for Medicare eligibility to 60 could also terminating the need for individual insurance policies.  

Revision of Retirement Plans

Biden’s proposal seeks to revise tax incentives to offer more significant tax benefits to low earning or middle-class Americans for their golden years.

Additionally, a third of workers over the age of 22 do not have access to an employer-sponsored account.

To counter this, Biden has proposed a scheme that promises access to an automatic 401(k) to workers who don’t have the option for retirement savings offered by their employers.

While the details are undoubtedly limited, Joe Biden may support plans that require employers to facilitate their workers by automatically saving a given percentage from their paycheck into an Individual Retirement Account.

Social Security Benefits

Biden aims to increase Social Security for retirees with 30 years of work experience by 125%, primarily to facilitate low-income earners.

Additionally, he would also increase the collectible amount of widows and widowers by 20%.

To counter this policy’s additional costs, he aims to raise taxes on employers and employees earning more than $400,000 by 12.4%. 

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