President Joe Biden is cracking down on junk fees in retirement investment advice that can cost Americans as much as $5 billion per year over a lifetime, according to a White House statement. The Department of Labor proposed a retirement security rule that would update the definition of an investment advice fiduciary under the Employee Retirement Security Act.
The typical Gen Xer household has an average of $243,332 tucked away to finance the milestone, according to the National Institute on Retirement Savings study. However, the median balance is a low $40,000 for the average household. That gap between average and median savings reflects the relatively small number of people who successfully save for retirement while others struggle.
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