Retirement 360

When most people go to the grocery, they don't pick food marked as "suitable". The word "suitable" in and of itself gives off the air of something being just okay-not the worst, but not the best either. We all strive to have the best of whatever we're after in life-we aim for the highest of what we can afford and attain, rather than setting our sights on sub-par quality. For years though, many retirement agencies have just had to abide by something called the "suitability standard". This standard-as I'm sure you can guess-meant that the advisor didn't necessarily have to give you the best advice for you-they only had to give advice that was somewhat okay for you but, more importantly, whatever was the best advice for them. While the recent Department of Labor ruling that all retirement advisors must now follow a fiduciary standard and instead give advice on what is best for the clients instead, questions remain about what this really means for you. This week on Retirement 360 with Kentuckiana