Information on lifetime income estimates should be required on workers’ benefit statements, IRI said.
IRI also is concerned about the growing problem of financial abuse and fraud of senior citizens and retirees, said Paul Richman, vice president for government affairs.
“Financial exploitation costs seniors $2.9 billion a year and can erase a lifetime of saving,” Richman said.
The Senate needs to pass the Senior Safe Act, which is designed to train and protect advisors who report suspicious behavior affecting a client. The bill passed the House of Representatives in January and has bipartisan support.
State block grants from the federal government that are used to support Elder Protective Services need to be at least maintained at their current level if not increased, Richman said. President Trump’s proposed budget cuts the funding.