Kendra S. Horn: “a few months ago a constituent wrote me about him and his wife. They had been burdened 20 years before with student…”

“a few months ago a constituent wrote me about him and his wife. They had been burdened 20 years before with student loans, and they had only recently paid them off. They never had a chance to vest money into an Individual Retirement Account. I introduced H.R. 3620, the Second Chance IRA Act, to allow workers to make up for years when they missed out or simply failed to make IRA contributions. My legislation would have essentially doubled the IRA contribution and tax deductions from the current $2,000 to the $4,000 to catch up on those lost years. Before us is H.R. 1102. It has provided a similar 'catch-up.' This bill would allow those workers to immediately contribute up to $5,000 a year to an IRA. That achieves a good part of the goal to encourage a buildup of savings for workers who are nearing retirement and never had the opportunity to invest in an IRA. It is an important help for the women who are retiring and reentering the workforce after raising a family, and for many other Americans who want and need a significant retirement savings account so they can have security in their golden years. Let us help retirement. Let us encourage saving. Let us vote for H.R. 1102.”