Jennifer F. Shepley, CFP®, is a financial professional based in Massachusetts, with licensing across multiple states. She specializes in family and small business insurance, retirement income planning, and long-term care solutions. Her journey into the industry was a blend of serendipity and family tradition, shaped by the legacy of her father, who founded his insurance practice in 1959.

Advisor Today Guest Column

January of 2025 is the 50th anniversary to one of the most important pieces of legislation in the retirement planning arena ever put into law by Congress. What I’m referring to is the enactment of ERISA, the Employee Retirement Income Security Act. Without question, ERISA brought about significant changes during the second half of the twentieth century. The key component to ERISA, which became law on January 1, 1975, was the establishment of the Individual Retirement Account or IRA. And what a monumental impact IRAs have had on the retirement planning market from that day forward. According to recent data, approximately 55 million Americans (representing around 42% of all households) hold IRAs with the average balance being around $195,000 per taxpayer.