"Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with 5 or more employees would have to offer a retirement plan & automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic contribution to 10% of pay by year 5. The default plan would be a Roth IRA invested in a target-date fund, a mix of investments based on your expected retirement year.“For employers, it’s a mandate. They would have to offer the plans. Employees would be able to opt out.”