Florida Rep. Stephanie Murphy (D), a member of the Ways & Means Committee, took to Twitter this week to highlight bipartisan legislation regarding retirement in the United States.
Commenting that “All Americans should be able to retire with dignity,” the Florida lawmaker added that her bill, introduced with Kansas Rep. Rob Estes (R) would “increase the required minimum distribution age from 72 to 75 – allowing individuals to save for retirement longer.”
All Americans should be able to retire with dignity. Pleased my bill with @RepRonEstes to increase the required minimum distribution age from 72 to 75—allowing individuals to save for retirement longer—is included in this bipartisan bill unveiled by @WaysMeansCmte. https://t.co/aDoQOJtRaW
— Rep. Stephanie Murphy (@RepStephMurphy) October 28, 2020
In a statement, Rep. Murphy expressed that “because Americans are living longer, raising the age at which they must begin withdrawing funds from their retirement account from 72 to 75 will help ensure that retired workers are not forced to pull money from their accounts before they need it.”
“It is also true that most Americans don’t have large retirement accounts,” She added, noting that “exempting retired workers with smaller accounts from the mandatory withdrawal rules removes an unnecessary obstacle that prevents them from having greater control over their financial planning and allows their accounts to continue to grow during retirement.”