NBA legend Shaquille O’Neal offers advice to NFL player Jason Kelce on potential retirement, urging him to prioritize family and avoid the mistakes he made in his personal life. Kelce, who is contemplating another season in the NFL, has been in the spotlight due to his successful career and family life. Shaq emphasizes the importance of cherishing family and enjoying post-career life, drawing from his own experiences.
President Biden's recent proposal to reform the retirement advice industry, focusing on fiduciary responsibility, has sparked a political fight reminiscent of the failed attempt by President Obama in 2016. The new rules aim to ban conflicted advice when rolling over retirement assets into an IRA or annuity. While the Biden administration believes the rules are different enough to withstand legal scrutiny, industry advocates argue that the 2016 rules led to a decrease in financial professionals and left some savers worse off. The fight is expected to be acrimonious, with high stakes for savers and potential legal challenges ahead.
The Biden administration is proposing a new rule to close loopholes that result in added costs for retirement investment advice. The rule aims to address potential conflicts of interest among financial advisers by requiring them to provide retirement advice in the best interest of savers rather than pushing specific investment products. The proposal would also address a loophole around advisers providing guidance on rolling over assets from a 401(k) plan into an Individual Retirement Plan (IRA). The administration's broader effort to eliminate "junk fees" includes actions to eliminate banking fees and hidden charges on cable bills, airline tickets, and hotel bookings.
