Brad Allen, Tony Drake, Senate discussed on Financial Engines Investing Sense
Ready to sail into the sunset this retirement? Ready with Tony Drake on WTMJ? Welcome back. You're listening to WTMJ. This is the retirement ready show. I'm Tony Drake with Drake and associates. You can find more information at wealth, Wisconsin dot com. We got Brad Allen here today and talking a little bit Brad about a couple new bills that are floating around in Washington. The Senate special committee on aging has a couple of bills one. They were calling the retirement security act of two thousand nineteen idea here is to kinda pool retirement savings plans in what's called multiple employer plans and the other one is really a modernisation of the simple IRA plan and hopefully attempt to help more employers offer retirement accounts and get people saving and thinking about the future. And I think that it's kind of a natural segue. Brad to really think about what is it. That we can do to take more responsibility for retirement savings. I think it's a concept that you and I talk about all the time. And sometimes it's just really not understanding your savings options. You know, there's IRA is out there for one ks health savings accounts can be a big tool in retirement many options available when it comes to saving for money. But with so many options, I think it can really be confusing to kinda sort through the fog if you will and really determine what savings tools appropriate. Where should I be putting my money? Maybe there's one that just doesn't quite work in my income or my scenario. I won Brad. Maybe as the IRA. Yeah. I mean, one of the benefits of the individual retirement account is that you can lower your taxable income each year. You can save up to six thousand dollars in an IRA this year in an extra one thousand if you're fifty years or older they have that step up..