What the White House is Doing to Protect Retirees

As part of the White House effort to address so-called “junk fees,” the Labor Department is proposing a new rule that would close the loopholes that can add costs for retirement investment advice.

According to The Hill, the new proposal “would require financial advisers to provide retirement advice in the best interest of savers rather than in the interest of a firm pushing a specific investment product.” The White House says that practice costs retirees billions of dollars each year.

If enacted, financial advisers would have to abide by a “fiduciary standard” to put their client’s interests above their commissions when recommending investments.

The Seniors Trust is behind any moves that benefit America’s retirees. We are strong proponents of the Social Security Expansion Act. If enacted, this landmark piece of legislation would instantly increase benefit checks by about $200 per month. It would also secure the long-term solvency of Social Security and establish a fairer cost-of-living adjustment (COLA), which would mean more money in seniors’ pockets each month.