Congress is on the verge of condoning a policy that limits your access to retirement savings
Top Line: A Labor Department proposal will stand in the way of people’s access to the only financial product that guarantees lifetime income, called annuities, which, like pensions, ensure retirees won’t outlive their savings. Congress needs to withdraw funding from the Labor Department’s harmful policy.
What it means for middle-income: The regulation says people can only work with people who are considered fiduciaries to help save for retirement. Fiduciaries typically require their clients to have balances upwards of $100,000 before they will work with them. This would make financial help unattainable for many middle-income workers looking to secure their retirement. More on that here.
What’s happening in Washington, DC: Congress has done a great job expanding access to retirement security in recent years with the SECURE Act and the SECURE 2.0 Act. But the Department of Labor will undo this progress made by Congress.
What you can do: Thousands of people have already sent comments to Washington leaders on this. We need to ask Congress to stop the Department of Labor from moving forward with this harmful proposal and ask them to protect access to retirement savings. You can do that here.
Bottom Line: While Congress has worked hard to protect retirement, the ball is still in their court to continue standing up for savers by blocking the Labor Department’s out-of-touch policy. We need to take action NOW and ask them to protect access to retirement savings.