Americans may face new rules to how they save for retirement, if a tax bill released by Congress on Thursday goes through.
The Tax Cuts and Jobs Act left pre-tax contribution limits to 401(k) retirement plans alone, but other changes could affect the way savers invest in these and individual retirement accounts.
The bill goes to "markup" next week, so any changes may not stick, said Jennifer Brown, manager of research at the National Institute on Retirement Security, a research organization.
"They could come in and do other things with retirement that would also raise revenue," namely lowering pre-tax contribution limits for 401(k)s, which currently stand at $18,000, and $24,000 for individuals 50 and over, even though President Donald Trump has nixed that idea.
Following are some of the proposed changes that will affect retirement savers.