<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - President Biden takes aim at junk fees that impact retirement savings plans"/><p class="gnt_ar_b_p">President Joe Biden wants to safeguard your retirement savings with a new rule that would require a range of financial professionals to work only in your best interests. </p><p class="gnt_ar_b_p">The so-called <a target="_blank" href="https://www.whitehouse.gov/cea/written-materials/2023/10/31/retirement-rule/#:~:text=Today%27s%20proposed%20Retirement%20Security%20rule,of%20mind%20about%20their%20portfolios." data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Retirement Security Rule</a>, proposed by the Department of Labor (DOL) on Tuesday, aims to close “loopholes” in current law that allow <a target="_blank" href="http://www.usatoday.com/money/blueprint/advisors/what-does-a-financial-advisor-do/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">advisors</a> to recommend investments that pay higher commissions but aren't’ necessarily the best options for their clients. When this happens, Americans lose with lower returns and higher “<a target="_blank" href="http://www.usatoday.com/story/news/politics/2023/10/11/biden-ban-junk-fees-sweeping-rule/71135120007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">junk fees</a>,” the DOL said.</p><p class="gnt_ar_b_p">Those junk fees are the “hidden costs” of these types of financial conflicts in retirement plans that saddle clients with higher expenses and smaller returns, Lael Brainard, director of the White House National Economic Council, told reporters in a call.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">The new rule would increase retirement savers’ returns by between 0.2% and 1.2% a year, potentially <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/10/31/fact-sheet-president-biden-to-announce-new-actions-to-protect-retirement-security-by-cracking-down-on-junk-fees-in-retirement-investment-advice/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">boosting retirement savings</a> by up to 20% over a lifetime, the White House said. </p><p class="gnt_ar_b_p">Opponents argue the new rule would increase regulatory burdens and costs, resulting in fewer advisors and options for investors, especially those with smaller account balances. </p><p class="gnt_ar_b_p"><strong>Protect your assets:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (hys)|e|auto spike click:6|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/banking/savings/best-high-yield-savings-accounts/">Best high-yield savings accounts of 2023</a></p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">“The rule will only increase retirement insecurity and result in millions of lower- and middle-income workers and retirement savers losing access to needed financial advice,” said Wayne Chopus, president and chief executive of the industry organization Insured...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2023/10/31/new-fiduciary-rule-retirement/71399693007/">Read more <span>➤</span></a> </div>
