It’s not a simple matter of flipping a switch and allowing cryptocurrencies in plans. Because these are alternative investments, the plan sponsor will need to learn enough about them to make an informed decision.
Tag "Robert Johnson"
This isn’t free money. It comes at a price. Many naïve folks might be salivating at the prospect of releasing these big bucks from the prison of their retirement plan… until they read the fine print.
Still, if one has confidence the marketplace will drive the industry towards focusing on the best interests of clients, then a de facto fiduciary standard can emerge organically, without overt reliance on regulators.
We asked financial professionals across the nation for their thoughts on the SEC’s effort. As you might imagine, it’s clear Regulation Best Interest has some good points and some not-so-good points.
Is the DOL’s Defunct Rule a Fiduciary Obi-Wan: More Powerful Dead Than Alive?
It’s in everyone’s best interest to be successful, so it’s part of a fiduciary’s duty to show them how.
But, as the cliché goes, “What about the children?” Arguably, it is minor children who have the best (and easiest) opportunity to shield themselves from a retirement crisis. They have the advantage of time (to maximize the benefits of compound interest).
You’re the one ultimately responsible for all decisions, from picking and choosing what you do and buy to determining how to manage your assets and cash flow stream. Oh, and did we forget to mention this is for the rest of your life?
As you reach your seventh decade (that would be turning age 60 for those who forgot your first decade includes only your single digit years), you find yourself fast approaching that universal goal line known as “retirement.” Don’t let the nearness to the final goal may fool you into inaction.
This is the decade in which retirement savers need to accelerate their savings efforts in order to take full advantage of the positive impact time has on the growth of that savings.
