Senators Todd Young of Indiana and Cory Booker of New Jersey introduced a new bill aimed at improving your ability to save for retirement.

The Emergency Savings Act of 2022 is planned to introduce an optional emergency savings account – of up to $2500 – to your workplace retirement plan contributions.

They cite a recent study by the federal reserve that says nearly half of all Americans struggle to afford an unexpected $400 bill, and often have to dip into their retirement savings to pay for it.