Acting Department of Labor Secretary Julie Su plans to ask Congress for an additional $4.7 million to fully implement the SECURE 2.0 Act. Su notes in prepared testimony that the budget for Labor's Employee Benefits Security Administration "has not increased proportionally with the increased responsibilities."

Financial advisers who understand tax issues related to Social Security can add value for their clients, writes Joe Elsasser, the founder and president of Covisum. This slideshow highlights seven Social Security tax facts that Elsasser discussed during a webinar.

Tax management and planning needs to be a year-round strategy for financial advisers and their clients, writes Erik Preus, group head of investment solutions at Envestnet PMC. He recommends outsourcing tax management to a tax overlay manager, which can provide several benefits.

Financial advisory firms should be reporting their off-channel communications violations to the Securities and Exchange Commission, writes Harriet Christie, chief operating officer at MirrorWeb. Doing so will mean lower fines, and it also shows the SEC that firms are being proactive about complying with regulations, she writes.

Leadership confidence is about improving yourself, but not on the backs of others. Confidence comes from within and is "an unshakeable sense of self, which requires consistent and continued dedication to your values, goals and personal self-worth," writes executive coach Joel Garfinkle, who offers five ways to build your confidence without throwing your weight around.

Federal Reserve Chair Jerome Powell indicated that recent inflation reports mean that it could take longer than previously expected for the Fed to pivot to interest-rate cuts. Rates can be held "as long as needed" if inflationary pressures remain, Powell said. Meanwhile, Fed Vice Chairman Philip Jefferson also emphasized that a higher-for-longer approach might be necessary.

Under the SECURE 2.0 Act, the Employee Benefits Security Administration must establish an online search tool to help people find lost retirement accounts by Dec. 29, and the agency is currently seeking information from plan administrators, with a deadline of July 17. The new search tool "will help participants and beneficiaries locate their money more quickly and more efficiently, helping plans reduce their missing participant counts," EBSA said.

Putting a power of attorney for health care in place is a crucial planning step for ensuring that a client's wishes are carried out in the event of serious accidents or illness, writes Amy Florian of Corgenius. Help the client understand that in addition to naming people who can make decisions on their behalf, "those people must thoroughly understand what your client wants and why they want it, so each situation can be interpreted considering the client's ultimate goals," Florian writes.

Two-thirds of pre-retiree investors are expecting to encounter more obstacles than previous generations did, and 69% believe that the norm of retiring at age 65 does not apply to their situations, according to a Nationwide Retirement Institute survey. After watching their parents make a successful transition into retirement, "today's investors are having a tougher time picturing that for themselves as they grapple with inflation and concerns about running out of money in retirement," said Eric Henderson of Nationwide Annuity.

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