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Department of Labor Strengthens Regulaton on Savers’ Advice
There have been many articles posted over the past several years about the amount of financial resources accumulated for retirement, with the fairly common belief that future retirees are somewhat unprepared for their financial needs during a lengthy retirement. While these posts have created a heightened awareness of the fact that Social Security alone may not provide for a comfortable, stress-free retirement, the silver lining could be considered to be the simple fact that people are focused on the issue. Along with that, though, is a heightened concern that some financial firms capitalize on the savings issue by steering clients toward products that may not be in their best interests. That’s unfortunate, but it’s also a fact of life in this continually evolving financial world.
So, what to do? Well, we’re all responsible for ourselves to some degree, but the U.S. Department of Labor has elected to step in and help weed out the “bad actors” via tightened controls on what can and cannot be said relative to investment advice delivered to retirement savers. A post by CNBC personal finance reporter Greg Iacurci on their website provides more on this important issue. Check it out here.
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