Biden cracks down on bad retirement advice

The US Labor Department is cracking down on bad retirement advice in order to safeguard retirees' financial interests. Ali Khawar, Principal Deputy Assistant Secretary for Employee Benefits Security at the US Labor Department, joined Wealth! to discuss how this new rule will change the landscape and prioritize the retiree's best interest.
Khawar acknowledges that saving for retirement "is not an easy thing to do." Khawar explains how this rule will help ensure that advisors are held responsible for the recommendations they give to people about their retirement accounts.
Khawar's advice to those working with a retirement professional is to ask them directly if they are acting as a fiduciary "and get that in writing" to ensure protection. He clarifies that a fiduciary's primary responsibility is to act in the client's best interest, not their own.
"This is very complicated. And what happens sometimes with complicated concepts is it becomes easier to think about it tomorrow and not today. Unfortunately, time isn't on your side when you're planning for your retirement," Khawar tells Yahoo Finance.
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Пікірлер: 30

  • @phantomcreamer
    @phantomcreamer15 күн бұрын

    As a former financial advisor, I will tell you this question the labor advisor is saying you should ask an advisor does not go far enough. If you ask Fidelity, just as an example, "are you acting as my fiduciary?" They can say yes, but that can just mean in one singular piece of advice and not collectively. It is better for you ask them, "are you my fiduciary", and in no uncertain terms they say "yes." That means looking at you as a whole, they are advising on any issue in your best interest. Moreover, they may sell you a "fiduciary product". But keep in mind a fiduciary product is a work around. Maybe that product is in your best interest if they are blind to everything else in your life, but not as a whole. For example, let's say you take your car in to get examined by a mechanic and he tells you that you need an AC system revamp. It will cost you $3,000 but in the summer you will be cooler. However, as a whole, the car's transmission is about to go out and you won't have a car in the summer that runs anyway. Lastly, all of these fiduciaries run in the concept of modern monetary theory and the efficient market hypothesis. Those are deeply questionable hypothesis without sufficient concrete evidence in their support, just see what all of the greatest investors of all time say about them. So, you must be on your guard even with "fiduciaries."

  • @tcpipman4638
    @tcpipman46389 күн бұрын

    The guy in charge giving the guidance is still working at 81

  • @BEETHEFASHION
    @BEETHEFASHION15 күн бұрын

    He looks so happy ❤️❤️❤️

  • @stephr9859
    @stephr98599 күн бұрын

    These “advisors” come into the schools and sign up teachers every year. Most teachers don’t take the time to look at what they are giving up with these annuities.

  • @johnpinard3212
    @johnpinard32127 күн бұрын

    We’re from the government, and we’re here to help.

  • @Deathwigems100
    @Deathwigems10015 күн бұрын

    they are trynig to crack down on youtubers tellnig people to chill with the spending

  • @philmarsh7723
    @philmarsh77238 күн бұрын

    I suspect your chances of getting a good custodial company and advisor, e.g. an advisor as part of a Fidelity account, would be better if your custodial company is privately owned. I feel that private shareholders are more interested in long-term profits than just the next quarter and will likely act this way by looking out for the interests of their customers - even over their short-term interests. Doing this will mean that you their customer, will recommend them and their company to others.

  • @BasementBerean
    @BasementBerean15 күн бұрын

    Or just turn off the TV a while and really study economics and learn how markets work. That's what I did.

  • @blaizel3748

    @blaizel3748

    15 күн бұрын

    whats your advice?

  • @BasementBerean

    @BasementBerean

    15 күн бұрын

    @@blaizel3748 Well, I'm retired, and I had the time to do a bit of trading myself and immerse myself in the markets from one hour before open to closing. Slightly less than eight hours a day for about two years, and I watched how things move together, or don't, and how financial news cycles work, and what's relevant and what isn't. I started with a BA in Accounting and an MBA from my youth.

  • @danherrick5785

    @danherrick5785

    10 күн бұрын

    @@blaizel3748 You got crickets because even if you study economics, you will truly find out it all is a scam.

  • @ada-yw1bb
    @ada-yw1bb7 күн бұрын

    Only thing Biden ever cracked down on is an ice cream cone

  • @oceansunsetak
    @oceansunsetak8 күн бұрын

    Look at the comments section of KZread there's plenty of people trying to scam you on your retirement by offering to manage your money

  • @Jon-da-bad
    @Jon-da-bad14 күн бұрын

    If you save starting in your 20s. Roth 401k IRA. you’ll have a few million in your 60s. If you throw away your money on SUVs all the streaming services Starbucks every morning. You gona have problems.

  • @kev5162
    @kev51627 күн бұрын

    Speaking of retirement………..sleepy joe 🤣

  • @ryann8348
    @ryann834815 күн бұрын

    VTI and chill

  • @JoJo-ie8sl
    @JoJo-ie8sl15 күн бұрын

    No one's going to be able to retire anyway

  • @user-oj8rr8fj8b
    @user-oj8rr8fj8b14 күн бұрын

    I glad to have an adviser who is excellent in what he's doing , you changed my entire life and I will continue to preach and song your praises on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Andras Bohm!!!!...

  • @user-bb5hy7ts6f

    @user-bb5hy7ts6f

    14 күн бұрын

    Hello, I need some advice. I work 2 jobs to support my family, and I am selling many personal possessions to try to get to a single Bitcoin. I am battling debt, how do you make such in few days? Is there any way to make money from cryptocurrency trading?..

  • @user-qu9ts4gv7u

    @user-qu9ts4gv7u

    14 күн бұрын

    I've been talking to Andras Bohm consultant, for long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for those who are close to retiring..

  • @user-rx8dz4st7k

    @user-rx8dz4st7k

    14 күн бұрын

    I was owing a loan of $192,000 to my bank , no longer in debt after I invested $25,000 and got my payout several times for the past two months. God bless Andras Bohm....

  • @user-bb5hy7ts6f

    @user-bb5hy7ts6f

    14 күн бұрын

    I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best.. Can you explain further how you invest and earn?....

  • @user-oj8rr8fj8b

    @user-oj8rr8fj8b

    14 күн бұрын

    Run a quick online research with his name...

  • @donchan5874
    @donchan587415 күн бұрын

    Biden living in crack-o-land-o...❤

  • @venusharris187
    @venusharris18715 күн бұрын

    JewelsbyChicGemzs