Why You Should Care About Secure 2.0

Was I the only one thinking about retirement savings on New Year?

Matt McDonough
4 min readJan 18


On December 29, 2022, the Secure 2.0 Act was signed into law by President Biden. Was this law important enough to interrupt your New Year’s celebrations? In one word: ABSOLUTELY.

Ok maybe I am the weird one raising a glass of champagne for a retirement bill, but it is worth noting a piece of legislation passed with overwhelming bipartisan support. How overwhelming you ask?

· Secure 2.0 received 414 of a possible 419 votes from the House of Representatives, and

· Received 68 of a possible 97 votes from the Senate.

Wait, both Democrats and Republicans agreed this was a good idea … how big of a deal is this bill? Here was my priority list going into 2023:

1. New Years celebrations,

2. Secure 2.0,

3. Prince Harry’s new book.

Yes, you read that right, above Prince Harry. It was a close call, but yes Secure 2.0 is more important than the royal drama … it is that big of a deal!

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Does This Even Impact Me?

The ideal starting point is uncovering what problem Secure 2.0 is attempting to solve. Simply put: Secure 2.0 aims to improve our current defined contribution system and allow more Americans to properly prepare for their retirement.

The current defined contribution system, most commonly IRA, 401(k), or 403(b) accounts, relies on cash that individuals contribute to throughout their careers, sometimes matched by their employers, and invested until the funds are needed around their retirement age. These contributions are tax advantaged and meant to supplement Social Security payments you will receive.

This system has been widely criticized as a failure. Specifically failing middle-class to lower-income Americans.

If you are one of the many who has been left behind by the defined contribution system, Secure 2.0 was enacted for you.



Matt McDonough

Hello! I am a CPA by day, writer by night, and adventurer on the weekends. I’m on the lookout for fun ideas to read, please send anything interesting my way!