'Tired of being played for suckers': Biden's proposed fiduciary rule could help retirees save 'tens of thousands of dollars' over time — here are more ways you can secure your retirement

Moneywise
'Tired of being played for suckers': Biden's proposed fiduciary rule could help retirees save 'tens of thousands of dollars' over time — here are more ways you can secure your retirement
'Tired of being played for suckers': Biden's proposed fiduciary rule could help retirees save 'tens of thousands of dollars' over time — here are more ways you can secure your retirement

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In any given election year, the economic agenda of the candidates falls under the microscope.

President Joe Biden’s administration proposed a new rule that aims to protect Americans from being scammed out of their retirement savings by unscrupulous financial advisers.

This is in keeping with his pursuit of eliminating "junk fees," which is a key component of his 2024 economic agenda.

“This is about basic fairness,” Biden remarked when announcing the proposed rule in October of last year. “People are tired of being played for suckers.”

The Department of Labor’s proposal will close governance loopholes and require financial advisors to give retirement advice in the best interests of savers rather than chasing the highest payday.

“Bad financial advice by unscrupulous financial advisers driven by their own self-interest can cost a retiree up to 1.2% per year in lost investment,” Biden said. “That doesn’t sound like much, but if you’re living long, it’s a lot of money.

“Over a lifetime, it can add up to 20% less money when they retire. For a middle-class household, that can amount to tens of thousands of dollars over time.”

In the meantime, here’s how you can feel confident about your retirement planning so that you can enjoy a safe and financially secure retirement.

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Find an advisor you can trust

When you're looking for a financial advisor, you want to choose someone who will keep your best interest in mind instead of thinking about their own bottom line. It's essential you find an trustworthy, experienced advisor who can make a plan suited to your unique circumstances.

That's why WiserAdvisor* matches you with fully-vetted professional financial advisors. With no fees to get started, you can browse your advisor matches with WiserAdvisor’s comparison tool and book a free consultation to make sure that your matched advisor works for you.

If you’re looking for a strong focus on investments, you may want to consider Vanguard. Vanguard* is an investment management company with a hybrid advisory system combining advice from professional advisors and automated portfolio management to make sure your investments are working to achieve your financial goals.

All you have to do is fill out a questionnaire* about your financial goals and link your accounts. Then, Vanguard will schedule an appointment with one of their advisors to help refine your goals and discuss the current landscape of your finances.

If you're looking for a wide range of experienced wealth professionals to choose from, check out Zoe Financial*. Zoe Financial is a modern wealth platform offering you access to curated fiduciaries, financial advisors, and financial planners — all of whom are professionally vetted.

They recognize the person behind the bank account and help you find the right guidance based on your specific financial goals. Getting connected with an advisor* through Zoe is free and easy— just answer a few questions about yourself and their sophisticated algorithm will match you with advisors that you can reach out to with no obligation to hire.

Read more: This Pennsylvania trio bought a $100K abandoned school and turned it into a 31-unit apartment building — how to invest in real estate without all the heavy lifting

Take control of your retirement

Even without an advisor on your side, you can take control of your retirement by putting your money where it will have the chance to grow.

To optimize your retirement savings, you might want to consider opening a Gold IRA with Gold Gate Capital*— a reputable precious metals dealership offering IRAs and direct purchases of precious metals and coins.

By opening a Gold IRA*, you’re looking out for your future self and cushioning your retirement. And if you want to make the switch, you have the option to fund your Gold IRA by rolling over your current IRA.

Opting for a Gold IRA gives you the opportunity to diversify your portfolio and stabilize your finances.

Commercial real estate is another solid asset class that has been proven to stand the test of time and support the growth of your retirement savings. This is especially true for necessity-based real estate, such as grocery stores and healthcare facilities.

First National Realty Partners—a private equity firm — makes necessity-based commercial real estate accessible so accredited investors can invest in institutional-quality, grocery-anchored real estate investments without having to find deals on their own.

FNRP’s team of experts manages the entire investment process so you can feel confident taking advantage of this asset and seeing it boost your retirement fund.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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