Please call your two U.S. Senators and request they support and vote for the “Family Savings Act of 2018” (H.R. 6757). The bill, if passed, would create a new tax deferred savings account and removes the age restriction for contributions to a traditional IRA, which is currently set at age 70 ½. It also includes a slightly modified version of “The Service Member Retirement Improvement Act," a bill aimed at giving Reserve and National Guard members military retirement savings options equal to the active components.
The “Family Savings Act of 2018” (H.R. 6757) passed the U.S. House of Representatives on September 28th by a vote of 230-170 and needs to be completed by the U.S. Senate before the end of the year and this congressional session.