Making the transition from pre-retired (“employed”) to retired is often nerve-racking because we are entering a life-stage where the risk of unrecoverable financial ruin is possible. Knowing these risks and assessing your exposure to each of them will help you reduce the possibility of financial ruin.
The Labor Department’s Fiduciary Rule would have required that all advice from advisors (related to retirement savings and investments) be solely “in the best interest” of their clients. For an advisor to meet that requirement, the advisor would have had to act as a “fiduciary” when advising clients.
