The CFPB’s analysis was “incredibly flawed, misleading, and harmful,” according to Jamie Hopkins, an associate professor of taxation at the American College of Financial Services in Bryn Mawr, Pa. Personal Finance. Contribute to cfpb/retirement development by creating an account on GitHub. The Consumer Financial Protection Bureau can help you understand your investments and learn ways to protect the money you’ve worked so hard to earn. Today the Consumer Financial Protection Bureau (CFPB) released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. Today, the CFPB released a report indicating that many consumers may not be taking advantage of their option to receive higher Social Security income and a more secure retirement. Specifically, the report highlights: Today’s CFPB report about Social Security can be found at: The System Plan has many characteristics of a multi-employer plan, yet the related nature of its employers lead to the System's conclusion that it should be treated as a single emp… Retirement is an increasingly complex process with multiple decision points. You’ll be able to draw on Social Security payments, annuities, pensions, and similar savings, but on average this income is about one-third less than what you earned while working. The biggest expense you’re likely to have throughout your working years is your home. Preparing for retirement isn’t just determining your last day of work and planning the trips you’ll take once you’ve left your job. However, this year, there are no changes to 401(k), 403(b) and other retirement plan with the exception of SEP IRAs. and your retirement security A guide for consumers considering their retirement payout options from a private-sector plan Your traditional pension plan is designed to provide you with a steady stream of income once you retire. This decision also impacts the benefits an older consumer’s surviving spouse will receive after their death. Choosing when to claim Social Security requires consideration of longevity, inflation, current savings, interest rates, as well as planning and budgeting. Much of the authoritative accounting literature on employer pension plan accounting focuses on whether the plan is characterized as a single-employer or a multi-employer plan. Enhanced supervision of retirement plans is a laudable goal, but it begs the question of whether the CFPB has the statutory authority to take on that role. more. CFPB said in its fiscal 2020 performance plan that in 2021, “the bureau will continue to invest resources to maintain a robust cybersecurity program to safeguard the bureau’s information and systems. 2021 Retirement Plan Limits have been released by the IRS. Given Labor’s recent ramped-up enforcement efforts, it is anybody’s guess as to whether the agency will want to cede ground to the newcomer to regulate retirement plans. If you look at retirement planning in this manner, you likely won’t have enough money to make any trips or possibly even to pay your most basic expenses. The CFPB is weighing whether it should take on a role in helping Americans manage retirement savings and regulate savings plans, particularly focusing on investment scams that target the retired and elderly. More information about the CFPB’s work on behalf of older Americans can be found at: As part of its stated mission to "empower consumers to take more control over their financial lives," the Consumer Financial Protection Bureau has issued a report entitled "Consumer insights on managing funds at the time of retirement." The amount you’ll ultimately receive will be impacted by the age at which you stop working, other investments you have and whether or not your spouse is still alive. The most important step is determining what your expenses and income will be once you’ve retired. Retirement and insurance investments. Where will your retirement money come from? The Consumer Financial Protection Bureau (CFPB) has released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. This story appeared in Bank Digest. CFPB Report Shows Many Consumers Base Critical Claiming Decision on Limited Information. For this reason, it’s a good idea to plan to pay off your mortgage before you retire. The Spanish version of the “Planning for Retirement” tool can be found at:, The Social Security Administration’s website shows a consumer’s actual earnings record. Remodeling costs can run into thousands of dollars. New policy guidance secured from the Consumer Finance Protection Bureau (CFPB) by Commonwealth, a partner in BlackRock’s Emergency Savings Initiative, allows employers to automatically enroll employees in an emergency savings account—similar to auto-enrollment for defined contribution (DC) retirement accounts.