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October 27, 2020 at 12:18 PM
“Trump has no plan for retirement savings, other than the Secure Act which was already done,” IRA specialist Ed Slott of Ed Slott & Co., told ThinkAdvisor in a recent email. “It’s too early to see the results of expanded access to retirement plans, especially this year when many employees are either trying to hold on to their jobs or have already been let go or laid off.”
That said, “one thing a Trump administration might do is lighten up on the burdensome regulations that advisors must go through especially on providing rollover advice. Given all the lay-offs, people need advice on what to do with their 401(k)s more than ever,” Slott said.
The Labor Department’s Employee Benefits Security Administration released in mid-August an interim final rule intended to help workers estimate how their current savings in a defined contribution plan translate into lifetime monthly payments.
The rule implements Section 203 of the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019.
Read the gallery above to see how the retirement planning landscape could change under a Trump administration.
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