Retirement Advisor

37% of parents saving for their kids' educational expenses anticipate the child's contribution to be between 1% and 25%.

Due to low unemployment and rising wages, Medicare's trust fund for hospital expenses will see its reserves depleted in 2036, and Social Security's funds will pay full benefits until 2035, according to a new report.

Republican-led states have joined 1 of 2 lawsuits challenging the administration's Saving on a Valuable Education plan, which takes effect on July 1, unless the courts grant an injunction to prevent SAVE from being implemented.

While 68% of workers and 74% of retirees are confident they will have enough money to live comfortably throughout retirement, this is not a significant increase from last year, according to a Employee Benefit Research Institute report.

The Biden administration is forgiving $6.1 billion in student debt for those who attended the now-closed Art Institutes colleges nationwide that allegedly lured students with "pervasive" lies, says the Education Department.

According to the DOL, the new fiduciary rule levels the playing field for insurance agents, brokers, financial planners and registered investment advisors to adhere to a best interest standard when providing investment advice.

To be well-positioned for the possibility of a Department of Labor audit, plan sponsors need to watch out for common errors, which include late deposits of employee contributions into the plan, failure to implement employee deferral elections and failure to provide required notices.

The Federation of Americans for Consumer Choice's lawsuit states that the Department of Labor's new "rushed" fiduciary rule is similar to a proposal struck down by the federal appeals court a decade ago.