Schweikert said in a statement that “allowing Americans to contribute more to their retirement accounts not only helps hardworking individuals add to their savings, but also serves as an alternative for funds that might be spent on inflated goods elsewhere. If we are going to defeat unprecedented inflation, we must think about long-term solutions. And this bill accomplishes just that.”
Donalds added that “as we continue to stare down economic uncertainty and officially enter into a recession, financial planning is more important than ever. By increasing the contribution limits for IRAs and other retirement plans, Americans everywhere will be able to better prepare themselves for the future.”
The bill also sets the Savers’ Credit to 50% of contributions, amends the threshold amounts to get the 50% credit, and adjusts the thresholds for inflation.