News outlets recently flooded social media with headlines about the rise of “401(k) millionaires” in the wake of an analysis by Fidelity Investments which touted the increased number of its 401(k) plans with at least a $1 million balance. It is difficult to decipher whether this development is a sign of individuals taking increased responsibility for funding their retirement, the product of a strong investment market or some other combination of factors. While it appears to show that more people are saving significant funds for retirement, some are questioning whether the government should be doing more to encourage retirement savings.

In March, the Senate introduced a bipartisan bill titled the Retirement Enhancement and Savings Act of 2018 (RESA, S. 2526), an updated version of a similar bill from 2016. While the likelihood of passing any important bill during the upcoming election cycle is uncertain, there are aspects of this bill that should be attractive to those on either side of the aisle. Coupled with the House of Representative’s Ways and Means Committee’s release of “Tax Reform 2.0,” it appears that savings for retirement and other life events are on Congress’ radar.

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