Last week, President Donald Trump ordered the Department of Labor to reconsider the Obama administration's retirement savings protections due to begin taking effect in April, with an eye toward revising or completely eliminating them.
Remember, these protections are based on two core ideas. First, if you are a retirement investor, your best interests should come first—they should not take a back seat to the financial interests of your financial adviser. Second, how your adviser gets paid cannot conflict with your best interests.
How likely is the Trump administration to cut back on these retirement protections? Based on the comments of White House press secretary Sean Spicer, it sounds like they already have made up their minds either to cut or eliminate them. Spicer called the rule “a solution in search of a problem.”
What could eliminating these protections mean for you?More ...