Don't limit access to IRAs and retirement advice

April 18, 2013

As a financial services representative and small business owner, I see firsthand the challenges many Hispanic Americans in our community face in accessing affordable ways to get retirement savings help. More than 60 percent of Hispanic workers don't have access to an employee-sponsored retirement plan, which is why opening an Individual Retirement Account is important.

The Hispanic American communities that we live and work in have an urgent need for retirement saving advice and products. Unfortunately, experts believe a new rule being considered by the Department of Labor will make access to such services prohibitively expensive for many savers.

I've seen many middle-income families' confidence and savings grow when they work with financial representatives to better plan their family budgets for today and tomorrow. The rule being considered could put that confidence and savings in jeopardy by forcing many Hispanic Americans to fend for themselves or pay higher fees.

The government should be doing everything it can to help our families recover and save for retirement. The Labor Department fiduciary initiative would do the opposite by reducing access and increasing costs at a time when the families can least afford it.

U.S. Sen. Barbara Mikulski should help Maryland middle-class families and our economy by preventing new regulations that decrease access to IRAs and affordable retirement education and advice.

Ace Acevedo, Clarksburg

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