Welcome to Seniors for Elizabeth Warren! Over the next four months, we will be growing this community to talk to our friends, family members and neighbors about why we need Elizabeth Warren in the U.S. Senate. Start organizing today - sign up using the form to the right.
Retirement advice should be in your best interest
People face a lot of challenges when they try to save for retirement, but one of the biggest challenges lurks mostly out of sight.
How do you know when a retirement advisor or broker is doing what’s best for you, and how do you know when they are just doing what’s best for them?
Many retirement advisors recommend investments that work best for the customers they work for. But some don’t. Those advisors and brokers recommend investments based on what’s best for them – and what fees, bonuses, free vacations, cars, and other kickbacks the advisor can earn from selling a lousy product.
Today I joined President Obama and Labor Secretary Tom Perez to call for more transparency and stronger rules to make sure the retirement advice you receive is always in your best interest. Join us in saying that it’s time to fix this broken system.
Numerous studies, including some from Harvard and MIT, have found that some advisors consistently steer customers to the highest fee products – despite the fact that high fee funds don’t perform any better, and often perform worse, than low fee funds. And the worst part? For large portions of the retirement market, it’s perfectly legal to push these lousy investment products.
That makes it really tough for unsuspecting customers who could lose thousands – or hundreds of thousands – of dollars in retirement savings when they fall into the hands of the wrong advisor.
And it makes it really tough for the thousands of honest advisors and brokers who already put their clients first. Right now they have to compete against the unethical advisors who don’t. That’s not a level playing field – it’s a broken system.
Today, we begin to fix it. Today, we begin to stand up for the millions who are trying to set aside some money for a decent retirement. And today, we begin to stand up for the honest retirement advisors who are working hard to help them.
Join President Obama and me in saying it’s time to do what we should have done years ago: it’s time to end the bonuses, the fees, the free vacations, the fancy cars, and the other incentives to sell bad products to unsuspecting customers – and to ensure that all of our retirement advisors, not just some of them, are looking out for the best interests of the people they serve.
What Republicans want to take away
Elizabeth had an op-ed printed in the MetroWest Daily News today, explaining why it's so important for Massachusetts residents to keep the Affordable Care Act (also known as "Obamacare").
The Affordable Care Act is already helping families in the Commonwealth. Together, these reforms make families safer. Better health care coverage means more people will get preventive care — and that means catching serious problems earlier when outcomes are better and treatments are cheaper. Better health care coverage also means that when someone receives a bad diagnosis, the family won’t be crushed financially. And helping small businesses pay for health care premiums also means that they can compete against bigger businesses on a more level playing field.
Scott Brown: "Obamacare is bad law"
Scott Brown doesn't spend a lot of time talking about the issues.
But he is very clear on one position: Scott Brown wants to repeal the Affordable Care Act.
When Scott Brown ran in the special election in 2010, he promised to be the 41st vote against health care reform. And he's still promising to repeal it.
Take a look at his website:
The Affordable Care Act isn't about politics. It's about making sure people with cancer or heart disease can get health insurance. It's about stopping discrimination against women and people with pre-existing conditions. It's about ending lifetime insurance caps, and closing the donut hole for seniors' prescription drugs.
Every American deserves access to quality, affordable health care.
So tell us, Senator Brown:
- Why do you want to repeal a law that closes the donut hole so seniors can afford prescription drugs?
- Why do you want to repeal a law that lets young people stay on their parents' insurance until age 26?
- Why do you want to repeal a law that gives tax breaks to small businesses who provide health care to their employees?
- And why do you want to repeal a law that prevents insurance companies from discriminating against women?
Massachusetts led the way in health reform, and we will continue to lead to reduce health care costs and ensure a level playing field for middle class families -- whether Scott Brown likes it or not.