With the passage of SECURE 2.0, the U.S. Congress reaffirmed the importance of lifetime income. Mandating a fiduciary-only regulation for all retirement arrangements would undermine the legislation, limit access to lifetime income options, and have the unintended consequence of harming lower- and middle-income families who are already behind in saving for retirement.
Public policies should promote access to retirement guidance and products.
A fiduciary-only regulation would have unintended consequences
- Fatal Flaws of the Fiduciary Regulation
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- Why Annuities Help and Fiduciary-Only Harms Ordinary People
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- The Importance of Access to Financial Guidance to Moderate Income Retirement Savers
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- ACLI and Morning Consult conducted a survey on retirement planning in May, 2023
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The Savings Gap
Saving for retirement isn’t easy for everyone, particularly for Hispanic and Black families. They earn less, and they’re more likely to work for employers that don’t offer 401(k) or other retirement savings plans. In fact, nearly two-thirds of Hispanic families and more than half of Black families don’t have any form of retirement savings account.
In Our Words
Learn why access to financial advice and information is critical to under-resourced communities.
Preserving access to financial tools that provide guaranteed income for life, like annuities, can offer much-needed certainty through retirement—the same kind of certainty pensions gave previous generations.
Unfortunately, a fiduciary-only regulation would shut off access to these important tools, and hurt the very people the regulation intends to help.
A BETTER ALTERNATIVE EXISTS
Consumers need protections, not limits, in their retirement planning. A nationwide movement to create a Best Interest standard would protect consumers as they seek financial information and preserve access to critical lifetime income tools like annuities.