SECURE Act Gives Hope for Increased LTSS Funds Among Older Adults

Argentum Chief Operating Officer Maribeth Bersani today praised the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which among other things would raise the minimum age at which people would be required to withdraw funds from their retirement accounts, from 70 ½ to 72, giving older adults more money to pay for long-term services. "The average age in assisted living is 85," said Bersani. "We don't know how much people have in their IRAs, but whatever you have, it will continue to grow from 70 1/2 to 72. And then it just gives you that much more money that you can have when you need it for your long-term services and supports." Argentum has been working to educate members of Congress and others about changing lifestyles and retirement security for years, Bersani added, noting that the legislation "really demonstrates that Congress is thinking about how Americans are aging differently. They are finally recognizing that people are living longer, they're working longer, and they're probably going to incur greater costs for long-term services and supports." The fact that the legislation was introduced by Rep. Richard Neal (D-MA), chairman of the Ways and Means Committee, and has bipartisan support, suggests that it "has legs," Bersani told McKnight's Senior Living , pointing out that two similar bills in the Senate and an executive order from the president from September also call for raising the minimum distribution age from 70.