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MassMutual says a married couple that lives into their 90s but decides to begin their Social Security benefits at age 62 as opposed to age 70 could be leaving as much as half a million dollars on the table, or forfeiting $2,000 to $4,000 a month for life.
The lawsuit accuses the sponsor of a small 401(k) plan with failing to monitor and correct excessive fees.
Besides a lengthy Finance Committee hearing discussing the popular RESA legislation, the day on Capitol Hill also brought news of the introduction of the new Retirement Security and Savings Act.
Sources say the SECURE Act could pass the House this month, potentially setting the stage for a reconciliation process that could bring together common elements of multiple pending bills.
One retirement industry executive says she believes the Senate could act quite quickly in taking up the SECURE Act, which just passed the House of Representatives with a practically unanimous yea vote.