Phyllis Borzi, Assistant Secretary of the Employee Benefits Security Administration (EBSA) realizes that the biggest financial challenge most people will face during retirement is managing their finances. According to the Department of Labor there are more than 150 million American consumers covered by at least 718,000 private retirement plans and over 2.6 million health plans.
See also: Strategies to boost your benefits.
The EBSA is currently doing all they can to protect those consumers by requiring fiduciaries to stand behind their financial advice. In this conversation Assistant Secretary Borzi explains what her department is doing to raise awareness.