Bill Would Help Military Spouses Save for Retirement

by Gino Devaney on July 13, 2020

PORTLAND, Maine (AP) — U.S. Sens. Susan Collins of Maine and Maggie Hassan of New Hampshire have introduced a bill that would help spouses of active-duty service members save for retirement by expanding access to employer-sponsored retirement plans. Collins and Hassan said the economic and health effects of the coronavirus pandemic pose an additional threat to saving for retirement, and military spouses face another hurdle. When military service members experience a permanent change of station move, their spouses often relocate with them, putting their own careers on hold. Under the Military Spouse Retirement Security Act, small employers, those with 100 workers or fewer, would be eligible for a tax credit up to $500 per year per military spouse.

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