Congressman Schweikert (AZ-06) and Congressman Byron Donalds (FL-19) introduced H.R. 8579, the Retirement Protection Act, yesterday. This bill would play a critical role in fighting inflation while helping Americans protect their savings. Following the bill's introduction, Congressman Schweikert and Congressman Donalds issued the following statements:
"This bill plays a critical role in fighting historic inflation by reducing liquidity in the economy," said Rep. Schweikert. "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."
"As we continue to stare down economic uncertainty and officially enter into a recession, financial planning is more important than ever," said Rep. Donalds. "By increasing the contribution limits for IRAs and other retirement plans, Americans everywhere will be able to better prepare themselves for the future."
Specifically, the bill would, among other provisions:
Raise the yearly contribution limit for Roth and Traditional IRAs to $10,000
Raise the workplace retirement yearly contribution limit to $24,500