The Secure Act 2.0 is a great start. But it is only just a start.

The bipartisan legislation recently signed by President Biden requires that all new retirement savings plans incorporate a savings autopilot starting in 2025. This means that workers are automatically enrolled in their retirement plans unless they opt out, and their savings rates are gradually escalated over time.

Working with Nobel laureate Richard Thaler, I’ve long argued that such savings autopilots are a powerful nudge, and that by changing the default of savings plans—that is, instead of giving savers the opportunity to opt in, they can opt out—we can make saving for the future the easiest choice.

This nudge has had a powerful impact. My latest estimate is that our auto-escalation nudge, known as Save More Tomorrow, has boosted the savings rates of more than 25 million Americans.

But this doesn’t mean our work is done. The Secure Act 2.0 is an important milestone, but I believe we can make additional changes in retirement plans that will make an even bigger difference for savers in all retirement plans, and not just new ones.