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What changed for investors in the United States

Last updated: September 16, 2026

Two things dominate the American record of the past ten years: the cost of investing fell to zero, and the rules governing retirement accounts were loosened again and again.

The cost story is short. Zero-commission trading became the industry standard in October 2019 after Schwab moved and the rest followed within weeks. For a long-term investor buying index funds, the explicit cost of a trade has been nil ever since, and the remaining costs sit in fund expense ratios and spreads.

The retirement story is longer. The SECURE Act of December 2019 raised the age for required minimum distributions and eliminated the stretch IRA for most inherited accounts. SECURE 2.0, signed three years later, went further on catch-up contributions, automatic enrolment and Roth treatment. The One Big Beautiful Bill Act of July 2025 made further changes to the tax and retirement framework. Running against this, attempts to hold retirement advisers to a fiduciary standard have failed twice in court: the DOL Fiduciary Rule of 2016 was vacated in 2018, and the Retirement Security Rule finalised in April 2024 was stayed and then vacated.

Two product changes are worth their own entries. Series I savings bonds paid a record 9.62 per cent in May 2022, briefly making an inflation-linked government bond the most attractive cash-like instrument available to a US retail saver. And in January 2024 the SEC approved spot Bitcoin ETFs, moving an asset that had been outside regulated wrappers into ordinary brokerage and, in time, retirement accounts.

Key figures and taxes: investing in United States →

Changes in this section

All 13Tax law 7Retirement 8Regulation 3Products 4Market 2Best practice 3Contribution limits 213 entries

Market

Fed raises rates for the first time since 2023

On 16 September 2026 the Federal Open Market Committee raised the target range for the federal funds rate by a quarter point to 3.75–4.00 per cent, by a 12–0 vote. It is the first increase since July 2023 and reverses the cut of December 2025, ending the easing cycle that had run since September 2024. The statement cites inflation that remains elevated, with oil above $100 a barrel on the Middle East conflict, alongside solid growth and a stable labour market; the median projection puts the rate at 4.1 per cent at the end of both 2026 and 2027, so most participants expect at least one further step this year. For long-term investors the rules have not changed, but the regime has: cash and money-market yields rise again, while prices of existing bonds fall.

What this means for you

Compare the yield on parked cash against money-market funds and short Treasuries again, and keep the regular index-fund contributions unchanged; a rate turn is not a reason to time the market.

Sources: Federal Reserve – FOMC statement, 16 September 2026 · Federal Reserve – FOMC projections materials, 16 September 2026

RetirementTax law

Treasury and IRS set out the Saver's Match starting with tax year 2027

On 7 August 2026 the Treasury and the IRS issued Notice 2026-48, announcing the regulations for the Saver's Match created by SECURE 2.0 and prompted by Executive Order 14403. For tax years from 2027 the federal government pays 50 per cent of the first $2,000 an eligible person contributes to a 401(k), 403(b), governmental 457(b) or a traditional IRA, up to $1,000 a year, directly into the account rather than as a tax credit; it replaces the Saver's Credit for retirement contributions, and the first payments follow the 2027 returns filed in 2028. The match phases out between $41,000 and $71,000 of modified adjusted gross income for joint filers, $30,750–$53,250 for heads of household and $20,500–$35,500 for everyone else, indexed from 2028; amounts under $100 may be taken as a refundable credit instead. Comments were due by 5 October 2026, and the IRS has begun mailing CP321J notices to taxpayers who look eligible.

What this means for you

Anyone under the income limits should plan to put at least $2,000 into a pre-tax account in 2027 and nominate a receiving account; the match is a guaranteed 50 per cent return before any market gain.

Sources: IRS – IR-2026-89: Notice 2026-48 on Saver's Match contributions · IRS – Notice 2026-48 (PDF) · IRS – Understanding your CP321J notice

RetirementProductsTax law

Trump Accounts open for contributions

On 4 July 2026 the US Treasury officially launched Trump Accounts, the children's investment accounts created by the One Big Beautiful Bill Act, and opened them for contributions. Any child under 18 with a Social Security number can hold one; children born 2025–2028 receive a one-off $1,000 federal deposit once an account is opened (via IRS Form 4547 or the Treasury app). Contributions are capped at $5,000 per year across all sources, of which employers may add up to $2,500, and the money may only be invested in low-cost US equity index funds with annual fees of 0.10% or less; withdrawals are generally barred until the year the child turns 18, after which the account follows traditional-IRA rules. The result is a locked, index-only account whose entire value rests on compounding over 18 years.

What this means for you

Parents should open the account early to capture the $1,000 seed and then set up small automatic contributions — with index-only investing and an 18-year lock, time in the market does the work.

Sources: U.S. Department of the Treasury – Press release · IRS – Instructions for Form 4547

Contribution limitsRetirementTax law

IRS sets 2026 limits: 401(k) $24,500, IRA $7,500, Roth catch-up mandatory for high earners

On 13 November 2025 the IRS announced the 2026 retirement plan limits (Notice 2025-67): the 401(k), 403(b) and TSP deferral limit rises to $24,500, the age-50 catch-up to $8,000 and the SECURE 2.0 'super catch-up' for ages 60–63 stays at $11,250, while the IRA limit climbs to $7,500 with a $1,100 catch-up; Roth IRA phase-outs move to $153,000–$168,000 for singles and $242,000–$252,000 for joint filers. The same notice set the wage threshold at $150,000, above which the SECURE 2.0 requirement that catch-up contributions be made as Roth (after-tax) applies from 1 January 2026, following the final regulations of 16 September 2025. Long-term savers gain another $1,000 of tax-advantaged room, and higher earners over 50 see their catch-up shift from a deduction today to tax-free growth later.

What this means for you

Raise automatic contributions to the new caps in January rather than catching up in December, and if you earn over $150,000 and are 50+, expect your catch-up to arrive as Roth — budget for the lost deduction.

Sources: IRS – IR-2025-111 · IRS – Retirement topics: catch-up contributions

Tax lawRetirementProducts

One Big Beautiful Bill Act enacted

President Trump signed the One Big Beautiful Bill Act into law on July 4, 2025 (enactment date). It makes the 2017 TCJA individual tax rates, brackets, and higher standard deduction permanent, ending the scheduled 2025 expiration, and raises the estate tax exemption to $15 million (indexed) from 2026. It also creates 'Trump Accounts' — IRA-type accounts for children under 18, with a $1,000 federal pilot contribution for children born 2025-2028 and contributions permitted starting July 4, 2026 — plus an expanded qualified small business stock (QSBS) exclusion with a tiered 3/4/5-year holding schedule. Long-term investors can now plan around today's rates instead of a 2026 tax cliff.

What this means for you

Roth-conversion and estate strategies no longer race a 2026 tax cliff — plan around permanent rates; parents of young children should watch the Trump Account rollout from mid-2026.

Sources: Tax Foundation · IRS – Trump Accounts

RegulationRetirement

DOL finalizes Retirement Security Rule (later stayed and vacated)

On April 23, 2024 the Department of Labor released its final Retirement Security Rule, broadening who counts as an investment-advice fiduciary under ERISA so that one-time advice such as 401(k)-to-IRA rollover recommendations would have to be in the saver's best interest; it was set to take effect September 23, 2024. Two Texas federal courts stayed the rule on July 25-26, 2024, and it was formally vacated in March 2026, so it never took effect. Long-term investors should know that rollover and annuity recommendations from brokers and insurance agents are again governed by the older, narrower fiduciary standard, making independent due diligence on rollover advice more important.

What this means for you

Rollover and annuity recommendations remain governed by the narrower standard — savers must vet 401(k)-to-IRA advice themselves and ask whether the adviser is a fiduciary.

Sources: Journal of Accountancy · Norton Rose Fulbright · Federal Register – Notice of Court Vacatur

ProductsRegulation

SEC approves spot Bitcoin ETFs

On January 10, 2024 the SEC approved all eleven pending applications for spot Bitcoin exchange-traded products from issuers including BlackRock, Fidelity, and Grayscale, with trading beginning the next day. The approval followed an August 2023 D.C. Circuit ruling that the SEC had not adequately justified its prior denials. For long-term investors this created a regulated, low-cost way to hold Bitcoin exposure inside standard brokerage and some retirement accounts, without self-custody of crypto — though the SEC stressed approval was not an endorsement of Bitcoin itself.

What this means for you

Bitcoin exposure became an ordinary brokerage and retirement-account allocation decision, without self-custody — the question shifts from access to whether and how much.

Sources: SEC – Gensler statement · Mintz

RetirementTax lawContribution limits

SECURE 2.0 Act signed into law

SECURE 2.0 was enacted on December 29, 2022 as part of the Consolidated Appropriations Act, 2023. It raises the required-minimum-distribution age from 72 to 73 (2023) and to 75 for those born 1960 or later, indexes IRA catch-up contributions to inflation, adds a larger catch-up tier for ages 60-63, requires Roth treatment of catch-ups for high earners, and allows up to $35,000 of leftover 529 funds to roll into the beneficiary's Roth IRA (from 2024, after 15 years of account ownership). These changes extend tax-deferred compounding windows and open new Roth planning strategies for long-term savers.

What this means for you

Savers should update RMD timing, use the larger age-60-63 catch-up window, and consider routing leftover 529 funds into the beneficiary's Roth IRA.

Sources: Kitces · Fidelity

ProductsBest practice

Series I savings bonds hit record 9.62% rate

Effective May 2, 2022, the Treasury set the Series I savings bond composite rate at 9.62% (0.00% fixed rate plus annualized CPI-U inflation) for bonds issued May through October 2022 — the highest rate since I bonds were introduced. The spike made inflation-protected, state-tax-exempt Treasury savings bonds a mainstream cash-allocation tool for retail investors, subject to the $10,000-per-person annual purchase limit. It marked the broader regime shift back to meaningful yields on safe assets after a decade of near-zero rates.

What this means for you

Cash allocations gained an inflation-protected, state-tax-exempt option — worth using within the $10,000 annual limit whenever real yields on deposits turn negative.

Sources: TreasuryDirect

RetirementTax law

SECURE Act signed into law

The SECURE Act was signed on December 20, 2019, with key provisions effective January 1, 2020. It largely eliminated the 'stretch IRA': most non-spouse beneficiaries of account owners dying after December 31, 2019 must empty inherited IRAs within 10 years instead of over their own life expectancy, materially changing estate and Roth-conversion planning. It also raised the RMD starting age from 70½ to 72 and removed the age cap on traditional IRA contributions, extending the accumulation phase for older savers.

What this means for you

The 10-year rule for inherited IRAs makes beneficiary designations and lifetime Roth conversions central estate-planning levers — both deserve review.

Sources: Fidelity · Congressional Research Service

MarketBest practice

Zero-commission trading becomes the US industry standard

On October 1, 2019 Charles Schwab announced it would eliminate commissions on online trades of U.S. stocks, ETFs, and options effective October 7, cutting the $4.95 fee to zero; TD Ameritrade, E*Trade, and Fidelity matched within days. Combined with the subsequent spread of fractional-share trading, this permanently removed the per-trade cost barrier for retail investors. For long-term investors it made small, frequent contributions and dollar-cost averaging into ETFs essentially free, though brokers now monetize via payment for order flow and cash sweeps instead.

What this means for you

Small, frequent contributions and dollar-cost averaging into ETFs became free — but watch the hidden monetization through order flow and cash-sweep rates.

Sources: Charles Schwab press release · CNBC

Tax law

Tax Cuts and Jobs Act enacted

The TCJA was signed into law on December 22, 2017, taking effect for tax year 2018. It cut individual rates (top rate 39.6% to 37%), roughly doubled the standard deduction, capped the SALT deduction at $10,000, doubled the estate tax exemption, and created the 20% pass-through deduction — with most individual provisions originally scheduled to expire December 31, 2025 (later made permanent by the 2025 OBBBA). For long-term investors it reshaped decisions on itemizing, Roth conversions, asset location, and estate planning for nearly a decade.

What this means for you

The doubled standard deduction and new brackets changed the math on itemizing, Roth conversions, asset location and estate planning — plans predating 2018 needed rework.

Sources: Tax Foundation · Tax Policy Center

RegulationRetirementBest practice

DOL Fiduciary Rule finalized (vacated 2018)

In April 2016 the Department of Labor finalized its Conflict of Interest ('fiduciary') Rule, greatly expanding who counts as a fiduciary when advising retirement accounts so that brokers and insurance agents recommending IRA products would have to act in the client's best interest. After partial implementation in June 2017, the Fifth Circuit vacated the rule in toto on March 15, 2018, restoring the narrower pre-2016 five-part test. The episode pushed the industry toward fee-based advice and lower-cost funds anyway, and it remains the reason retirement savers must check whether their adviser is actually a fiduciary.

What this means for you

Retirement savers cannot assume advice is conflict-free — checking an adviser's fiduciary status and fee model remains their own responsibility.

Sources: Groom Law Group · Reed Smith

Rules change; the arithmetic does not. Put your own contributions, rate and horizon into the calculator and see what a change is worth over twenty years.

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By country

Austria

The 27.5% KESt, crypto pulled inside the ordinary tax net, MiFID II — and a holding-period exemption promised by two governments and enacted by neither.

Canada

The FHSA, rising TFSA room and Home Buyers' Plan limits, the CPP enhancement, the DSC ban — and a capital gains hike announced, then cancelled.

European Union

MiFID II and PRIIPs, the payment-for-order-flow ban, ELTIF 2.0 and PEPP, and the Savings and Investments Union now being built on top of them.

Germany

The 2018 fund tax reform and the Vorabpauschale, a doubled saver's allowance, the ETF savings-plan boom, and two retirement reforms arriving in 2027.

Italy

PIR accounts and BTP Valore, a crypto tax regime rewritten twice in three years, and the auto-enrolment that now moves severance pay into pension funds.

Switzerland

Retroactive pillar 3a buy-ins, AHV 21, the end of negative interest rates, the abolished imputed rental value, and the reforms voters turned down.

By topic

Tax law

How investment income is taxed keeps moving: allowances and rates, the Vorabpauschale, new crypto regimes, and Canada's cancelled capital gains hike.

Retirement

The vehicles people actually retire on: SECURE 2.0, pillar 3a buy-ins, the CPP enhancement, TFR auto-enrolment and Germany's new retirement depots.

Regulation

MiFID II, PRIIPs, FIDLEG, the payment-for-order-flow ban and the fiduciary rules that failed in court — how the selling of products was rewritten.

Products

ETF savings plans, spot Bitcoin ETFs, PIR and FHSA accounts, BTP Valore and ELTIF 2.0: what savers can buy, and at what cost, keeps widening.

Market

The end of negative interest rates, the inflation squeeze, T+1 settlement and zero-commission trading — shifts that changed long-term arithmetic.

Best practice

Where standard advice was revised: trading costs at zero, banned sales charges, standardised fund disclosure, and what negative real rates did to cash.

Contribution limits

Limit changes large enough to alter a savings plan: Germany's doubled saver's allowance, retroactive pillar 3a buy-ins, TFSA, FHSA and catch-up rules.