Saving for retirement is difficult, and it is even more difficult as some of your financial advisors are able to cut into your savings thanks to a loophole in the law. This loophole costs Americans at least $17 billion per year, as much as 25% of retirement income or 5 years’ worth of savings. Advisers are legally able to recommend assets which help them pad their wallets instead of what is best for your retirement income.
A proposed Department of Labor rule will close this loophole, but Wall Street and much of the financial services industry strongly oppose this measure. Their champions in Congress have proposed legislation preventing this rule from taking place.
Senator Cory Booker is one of those in Congress who is fighting to eliminate this loophole and protect our retirement savings. Thank Senator Booker for protecting Americans’ hard-earned retirement savings. AARP on behalf of its 1.3 million NJ members wants to protect the retirement future of those being ill-served by this loophole, and calls on Congress to reject this legislation, and uphold this critically important rule.
Atif Jalal Ahmad