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AARP supports Family Caregivers Act

Caregivers photoAARP supports Family Caregivers Act

Special from PRNewsWire

WASHINGTON–AARP announced its support of the bipartisan Recognize, Assist, Include, Support and Engage Family Caregivers Act that would require the development of a national strategy to support family caregivers. The legislation (S. 1028) was introduced earlier this month in the U.S. Senate by Senators Susan Collins (R-ME) and Tammy Baldwin (D-WI).   

“AARP appreciates the leadership of Senators Collins and Baldwin on the RAISE Family Caregivers Act and we urge Congress to get behind this commonsense, bipartisan step to recognize and support our nation’s more than 40 million family caregivers,” said AARP Chief Advocacy & Engagement Officer Nancy A. LeaMond. “Every day, these ordinary Americans take on extraordinary physical, emotional and financial challenges as they help their parents, spouses, children and adults with disabilities, and other loved ones live independently at home and in their communities —and out of costly nursing homes, saving taxpayer dollars.” 

The nation’s family caregivers provide help with eating, bathing, dressing, transportation, medical tasks, managing finances, and more—unpaid care that is valued at around $470 billion annually, more than the entire Medicaid program in 2013. “The RAISE Family Caregivers Act will help elevate the contributions of these unsung heroes, and identify support to help make their big responsibilities a little bit easier,” said LeaMond.

The legislation would create an advisory council of representatives from the private and public sectors, including family caregivers, older adults and people with disabilities, health care providers, employers, state and local officials, and others to make recommendations regarding the national strategy. The advisory council meetings would be open to the public with opportunities for public input. The strategy would identify specific actions that communities, health care providers, employers, government, and others can take to recognize and support family caregivers. 

By Anare Holmes

Executive Order: Halt & Review of Consumer Protection Rule For Retirement

Executive Order: Halt & Review of Consumer Protection Rule For Retirement

By Kristina Mancino

         In April of 2017, The Department of Labor’s fiduciary rule, better known as the “conflict-of interest rule,” was set to be complied by financial professionals. The federal rule would make financial professionals to act in the best interest of their clients regarding any investment advice on retirement accounts.

The Labor Department regulation covers financial professionals who are compensated for investment advice on 401(k)s, IRAs and other retirement accounts, whether through a flat fee or commission or other means. These professionals would have to adhere to a “fiduciary standard” that requires them to act in a client’s best interest — not their own.”

As the new President of the United States, Donald Trump, begins his first 100 days in office, he has sign a lot of executive orders. Some have been newsworthy while others slide by without anyone noticing. In the beginning of February, Donald Trump signed an executive order to further review, revise, or even get rid of the conflict-of-interest rule.

         So what does this mean for your retirement planning? Workers and other investors in IRAs, 401(k)s and similar account can continue to incur hidden fees that could chip away a person’s retirement security. It’s estimated, by proponents of the rule, that these fees cost Americans $17 billion a year on IRAs. The four-decades-old regulations on investment advice has been a hot topic with consumer advocated arguing that it’s outdated and lacks in protecting millions of Americans who are responsible for their own retirement plans through IRAs and 401(k)s.  

         To comply with the April 2017 deadline of implementing the new fiduciary standard, time and money have been spent by firms, brokers, and agents. Opponents of the conflict-of-interest rule argue that the new regulations would reduce advisers’ compensations from commissions and fees. This could result in higher services charges and could because unaffordable to small investors. Time will tell what happens with this new possible regulations. Either people will protected against hidden fees or they will continue to have to pay.