The Biden administration has proposed a rule to help people save more in retirement and avoid "junk" fees from unscrupulous financial advisers.

According to the White House, a financial adviser may receive a commission as high as 6.5% to recommend some insurance products, posing a conflict of interest.

Melondia Franklin Corpus, an educator for 36 years, finally reached her retirement milestone last May. But as soon as she filed for retirement six months prior, she said a flood of calls and solicitation started to pour in from financial advisers pitching retirement services and plans with few details.

"One guy called me, and it was almost a pressure-sale type thing, you know; 'This offer is only going to be good for this week,' blah, blah, blah - and I'm, like, 'No, I don't make a commitment based on that, please send me some information, let me look at it,'" she said.

While Corpus avoided falling into a bad situation, she said a friend who retired right before went into an investment without realizing he couldn't touch his funds for five years without penalty. The new proposal is intended to standardize the rules for everyone paid to offer retirement advice and sell retirement products.

A statement from the Insured Retirement Institute attacked Biden's proposal, claiming the "fiduciary rule will harm the very consumers he wants to help and deepen the nation's retirement crisis by limiting access to sound financial advice."

Existing fiduciary rules from the Employee Retirement Income Security Act and the Securities and Exchange Commission do not comprehensively cover all investment products, such as one-time rollovers from a 401(k) to an IRA.

Corpus says the new protections are a step in the right direction and should be expanded to all consumers.

"An advisor should never be recommending something to any client regardless of their status based on his commission. So I think retirees, definitely, but I think it should be across the board," Corpus explained.

The White House uses the investment product, fixed-index annuities, as an example of where junk fees may cost savers as much as $5 billion annually. Meanwhile, the Insured Retirement Institute claims, "Biden and the Department of Labor showed a fundamental misunderstanding of how the insurance industry and annuity products work for the benefit of consumers," and offered to provide education and information.

The proposal is open for public comment for 60 days before any potential revisions are made.


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With 2025 almost here, Connecticut organizations are preparing for the next legislative session.

The 2025 session will not be as short as the one in 2024 and after some committee shortcomings, there is growing hope more legislation will be passed to help the state's older residents. AARP Connecticut said it will target topics like predatory lending, making utilities more affordable and improving nursing home care.

Nora Duncan, state director of AARP Connecticut, said they want to focus on 'pocketbook issues.'

"We need to fight for the priorities that can impact the most amount of people to help reduce their cost of living to make Connecticut a great place for people to live, age and retire," Duncan contended.

The latest ALICE update found salaries for most Connecticut jobs do not pay enough for monthly expenses like rent and utilities. ALICE stands for "Asset Limited, Income Constrained and Employed," referring to those who are working but still cannot cover their bills.

Electric utility Eversource has announced a 24% rate increase starting in 2025. Federal data show Connecticut has some of the highest energy costs in the country.

As important as cost-saving priorities are to residents, there could be challenges to achieving them. Some of them are political but Duncan acknowledged there will be many others.

"When there's a budgetary impact, the challenge is always what are the priorities of the General Assembly and other advocacy groups? What are the challenges to the state budget?" Duncan explained. "I know this year there'll be a lot of conversation around the fiscal guardrails."

New studies show some of the budget's fiscal guardrails are twice as restrictive as they are meant to be. A Connecticut Voices for Children report concluded the state's volatility cap is not using reasonable metrics, which has led to at least $755 million per year in revenue being restricted, or more than $5 billion between 2018 and 2024.

As winter sets in for Pennsylvania, it is crucial to be cautious of fall hazards, especially for seniors.

The Centers for Disease Control and Prevention reported in one recent year, more than 616,000 older adults took a fall in Pennsylvania.

Gwen Bergen, Safety Promotion Team leader at the CDC, said falls and motor vehicle crashes are the two leading causes of injury and death among seniors. She suggested getting an eye exam and doing strength-building exercises to improve balance and prevent injuries.

"It's very important to get annual vision checks, and make sure that your vision is good, you're wearing the best glasses for each activity you're doing," Bergen recommended. "Vision is very important in allowing you to drive safely and in preventing falls."

Bergen advised consulting with a health care provider about potential side effects of medications, which can affect balance or driving ability. There may be alternatives or adjustments to minimize risks.

Bergen added during the winter months, some older adults may feel especially isolated or disconnected from family or friends. She acknowledged it takes a little more effort to stay engaged when the weather is not cooperating but there are hobbies, classes and physical activities available in every community.

"Visit community areas near you such as parks, places of worship and senior centers, which all give you opportunities to connect with other people," Bergen emphasized. "You can also engage in new activities and hobbies with others. Some of these might include cooking and baking, sports or crafts."

She added it is important for seniors to maintain regular, in-person interactions and when it is not possible, phone calls or video chats are good options.

More middle-aged and older South Dakotans had financial concerns this year, especially around health care, according to a new survey.

Advocates for this age group hope policymakers will take note. A new AARP survey of South Dakotans ages 45 and up shows 81% are concerned about the price of prescription drugs. That's a nearly 10% jump from the last survey in 2021. There has been a 6% increase in the number of people concerned about their ability to afford health care costs, including premiums and co-pays.

Erik Gaikowski, state director of AARP South Dakota, said groceries are a big concern.

"That's one of the things that we've seen an uptick in, folks thinking about their financial future and what that looks like with rising costs of basically all things," Gaikowski explained.

This year will be the first in which the Vital Voices survey has published distinct data for American Indian and Alaska Native respondents. The groups had similar responses to the broader population.

Gaikowksi hopes elected leaders at all levels will use the data to inform their policymaking.

"We really want our elected leaders producing policy that's going to benefit those folks that want to age in their home, in their home community," Gaikowksi emphasized. "Concerned about their health care, are concerned about paying for groceries, paying for prescription drugs, things of that nature."

AARP South Dakota publishes weekly updates of its advocacy work during legislative sessions. The 2025 session starts Jan. 14.