Why AARP Backs a New Retirement Plan Advice Rule

Yesterday was the due date for comments on a rule proposed by the U.S. Department of Labor that would protect people with 401(k)s and IRAs from conflicts of interest in the financial services industry. AARP filed our official comments yesterday, one on the new rule and one on the new proposed best interest contract exemption. The rule, proposed in April, requires all retirement plan advisers to provide advice in their clients’ best interest. That is the simple goal underlying the …

Kids’ Best Financial Adviser: Grandma or Grandpa

Grandparents apparently hold more sway over their grandchildren’s saving habits than they know. According to a survey by TIAA-CREF, a New York-based financial services firm, most young adults (73 percent) say their grandparents do influence their money decisions and more than half call their elders excellent savers. Yet few grandparents capitalize on their standing: Only 8 percent say they’ve had or are likely to have a conversation with their grandchildren about money. >> Sign up for the AARP Money newsletter Among …

California Moves to Cover Workers With No Retirement Plan

This is a guest post by Sid Kirchheimer, who writes about consumer issues for AARP. If you’re among the millions of private-sector workers whose employers do not provide a retirement savings plan, it may help to be living in California. Gov. Jerry Brown (D) has signed into law a bill that opens the way for the nation’s first state-administered, private retirement savings program to cover the uncovered. Senate Bill 1234 aims to change, at least in the Golden State, this sad …