New Consumer website: Save Our Retirement

ARA_social_securityBecause of a “Retirement Advice Loophole” dating back to the 1970s, Wall Street banks, brokers, mutual funds, and insurance agents with major conflicts of interest are allowed to provide investment advice that puts their own interests ahead of what’s best for their clients. Millions of Americans are affected by this loophole every year without even knowing it, and it is draining away their retirement savings. Over time, the losses can be devastating, just as a colony of termites quietly eats away an entire house.

The Department of Labor (DOL) is trying to update the rules that apply to retirement investing so that your retirement security is better protected. Those rules haven’t been changed in 40 years, even though the way Americans save and invest for retirement has changed dramatically. Reliable pensions that once took the worry out of retirement planning are disappearing, and workers and retirees today have to manage their own 401(k)s and IRAs to make ends meet in retirement. With so many complicated investment choices to make, Americans need reliable advice they can trust.

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