The Department of Labor proposed a retirement security rule requiring investment advisers to avoid recommendations that favor their financial and other interests at the expense of retirement savers.
President Joe Biden is cracking down on junk fees in retirement investment advice that can cost Americans as much as $5 billion per year over a lifetime, according to a White House statement. The Department of Labor proposed a retirement security rule that would update the definition of an investment advice fiduciary under the Employee Retirement Security Act.
The typical Gen Xer household has an average of $243,332 tucked away to finance the milestone, according to the National Institute on Retirement Savings study. However, the median balance is a low $40,000 for the average household. That gap between average and median savings reflects the relatively small number of people who successfully save for retirement while others struggle.
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