Pension Holders Need a New Retirement Plan, Not Stock Tips

Having long fretted over the state of our retirement system, I was delighted that the Department of Labor is vigorously defending its new rule requiring brokers to recommend only investments that are in the best interests of holders of retirement accounts.

Hats off to the Obama administration for forcefully addressing the very real conflict between commission-based financial advisers and their clients. But the country’s retirement problems are vast and require much more reform. In fact, we need a complete revamping of our pension arrangements.

Once upon a time, many Americans enjoyed an employer-based, defined-benefit system in which they could depend on a no-hassle pension of a specified amount.

– The New York Times

Read the full article here.