Story perspectives

Trump's Withdrawal of Fiduciary Rule Risks Retirees' Savings

12/2/2025

Summary

Story summary

In late November 2025, U.S. President Donald Trump withdrew support for a fiduciary rule on retirement brokers.
This shift moves retirees from pensions to less regulated markets, increasing conflicts of interest and potential losses.
For example, Phil Ashburn lost substantial savings after following a broker's advice to invest in a variable annuity.
The Obama administration's fiduciary duty rule aimed to protect retirees and estimated losses up to 10% of savings.

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Story summary

In late November 2025, U.S. President Donald Trump withdrew support for a fiduciary rule on retirement brokers.
This shift moves retirees from pensions to less regulated markets, increasing conflicts of interest and potential losses.
For example, Phil Ashburn lost substantial savings after following a broker's advice to invest in a variable annuity.
The Obama administration's fiduciary duty rule aimed to protect retirees and estimated losses up to 10% of savings.