Retirement Security

A Big Win for Retirement Savers at the NAIC

Today marks a big step toward making sure that consumers nationwide receive strong, harmonized protections when they receive financial guidance. The National Association of Insurance Commissioners (NAIC)—made up of each state’s head insurance regulator—virtually unanimously adopted a model regulation that puts consumers’ interests first. The NAIC’s Suitability in Annuity Transactions Model Regulation makes sure that … Continue reading

Could The SECURE Act Enable Fewer People To Work Past Age 65?

Every day, 10,000 Americans turn 65 years old. For much of the 20th century, the 65th birthday meant retirement. But not in 2020, according to two recent articles. A CNBC.com story noted that a majority of workers (54%) said they expect to continue working after age 65, including 14% who never plan to retire. And a Wall Street Journal … Continue reading

China Trade Deal Supports Innovation and Growth

Life insurers’ most critical mission is helping people take care of the things that matter most, whether they are in North America, Africa, Europe, Latin America or Asia. We do this by providing risk protection and financial security products that empower individuals to protect themselves and their families. Numerous American Council of Life Insurers (ACLI) member … Continue reading

Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal

At a recent hearing in Boston, a long line of local citizens voiced opposition to the Massachusetts Commonwealth Secretary’s proposed elitist fiduciary-only standard for financial advice. This week in the Boston Globe, local business owner Joan Jaeger Gustaff outlined why she opposes the rule, which could become effective within weeks. The people of Massachusetts would be best served … Continue reading

Putting $400 in Every Savings Account

(This article originally appeared on LinkedIn.) Asking people to create an emergency savings fund is like asking them to exercise or lose weight. It’s about motivating short-term pain for long-term gain. It’s really hard to do. So much so that a Federal Reserve Board survey revealed that 46 percent of Americans would have trouble coming … Continue reading

Senate Passage of USMCA a Win for Insurance Consumers

Today’s U.S. Senate passage of the United States-Mexico-Canada Agreement (USMCA) sets the table for President Trump to sign the bill into law. Insurance consumers in the three countries stand to benefit as a result. No other industry is there for people through every stage of life like the life insurance industry. Life insurers serve 90 … Continue reading

Elitist Proposal Denies Choices to Bay State Retirement Savers

Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would hurt the very people it claims to protect. I offered testimony at a related hearing today, as did Paul Quaranto of Boston Mutual … Continue reading