Beret (Bourree) Lam

speaker

435 appearances 6 recordings 1 series first heard Apr 2020 last heard Jan 2024

Beret (Bourree) Lam’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Biden's Economic Agenda and Your Personal Finances · 12 Jan 2021 podcast

And

He seemed to strengthen this sentiment in his transition briefing last week, where he signaled that he would support Congress in immediately canceling $10,000 of student debt per person in response to COVID.

So I think that we could look forward to his support in rallying Congress to forgive student debt, but that he won't be doing it via executive action.

Now, one thing to note about Congress is that this is going to be a hard issue to pass because many Republicans and even many moderate Democrats say that debt cancellation disproportionately helps higher income households.

So that is something that is going to be a hard thing for the Democrats to pass.

But perhaps with Mr. Biden's support, this has a better chance of passing.

So I think that depends on what we see from the economic data in the months to come in terms of the jobs report, in terms of the way people are withdrawing.

And also, I think we have to watch for a lot of economic indicators to see if a new stimulus bill is passed, whether they will extend some of these provisions in the CARES Act.

And so in the CARES Act, you could withdraw as much as $100,000 penalty free from retirement accounts.

And as of November, our excellent retirement reporter, Ann Tergesen, she reported that around 5% of people who were eligible to take money out through this provision had done so.

So that's up from typically 2% who take hardship distributions in a regular year.

So I think people have been tapping their retirement accounts for emergency cash, but it's not as many as a lot of people feared.

I think that bill is likely to pass in the next two years.

Some of the provisions in this bill include when people have to start withdrawing from 401ks and IRAs, it would increase to 75 from 72.

Also some measures about required distributions for people who have less than $100,000 in their retirement accounts.

Also allowing employers to do something for people who are paying back both student loans and trying to save for retirement at the same time.

So the SECURE Act took a long, which was the last big bipartisan bill to pass about changing retirement measures that took a long time to pass through the Senate.

And with Democrats in control of Congress and bipartisan support already for this bill, it's likely to pass a little bit quicker, even though for Congress, that might still mean a couple of years.

But we're not expecting to see that many changes to this bill because the proposal already has so much support.

the thing that most people have focused on in terms of Joe Biden's tax proposal is raising taxes on high income households.

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