How The Secure Act Will Impact The Millennials And Gen Z’ers Retirement

How The Secure Act Will Impact The Millennials And Gen Z’ers Retirement
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For the Millennials and Gen Z’ers out there, new legislation is making its way through Congress that could make retirement saving a whole lot better for you. The Secure Act is on its way to the Senate after a landslide House vote in its favor (417-3).

Personal finance expert Jim Brown discusses the legislation, the many benefits it will offer young savers, and why you’d be a fool not to take advantage of them when passed.

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  1. It will make it easier for smaller businesses to offer their employees 401k plans. A recent article in Inc. detailed how millennials and Gen Z'ers are taking the small business world by storm: 66% of millennials want to start their own business, and Gen Z is projected to be even more entrepreneurial than that.
  2. It will offer a financial perk for new parents. While it may be a bit early for Gen Z’ers to be thinking about parenthood, millennials are definitely starting to have kids of their own. This legislation will allow new parents to pull up to $5,000 from their retirement plans to cover expenses related to a new baby or adoption without triggering the 10% early withdrawal penalty. That sum makes a notable difference, considering a baby’s first year can cost upwards of $20K. Consider this: many newborn expenses including food, diapers, visits to the pediatrician and child care for working parents are not optional, so having a $5,000 financial cushion means new parents won’t be losing needed sleep over financial worries.
  3. It will create a safe harbor for employers to offer annuities. Retirement policy experts have for years argued that low-cost income annuities can help retirees not outlive their savings. This legislation will offer just that, and also give savers an estimate in their 401k statements of what their balance would generate in terms of lifetime income.

Jim Brown Bio:

Jim Brown is the founder of Jim Brown Investing, an investing course that simplifies successful investing in the financial markets for the everyday person. He’s also the founder of Your Best Mindset, a website that teaches people about different approaches to the market.

An experienced leader with more than 20 years of expertise in the financial industry ranging from tenures at companies like Milberg LLP and RSM McGladrey, Jim is a forensic accountant, investor, and securities litigation consultant, while also wearing the hats of author and teacher. Jim co-authored Financial Statement Fraud Casebook: Baking the Ledgers and Cooking the Books with Joseph T. Wells and has created and presented professional development courses for attorneys, accountants and other professionals that simplify complex finance, accounting, and fraud topics into easy-to-understand practical concepts.

Jim has been interviewed on Yahoo! Finance TV, the So Money Podcast with Farnoosh Torabi, KFNN Money Radio, and featured in Citi Life and Money and U.S. News & World Report for his expertise.

Jacob Wolinsky is the founder of, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at) - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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