The Senate introduced a piece of legislation that would require retirement plan sponsors to provide plan participants with estimates of how much income their accounts will generate in retirement.
The majority of Americans approach retirement without a basic financial plan and with resources that are not sufficient for support of pre-retirement spending and lifestyles.
The Lifetime Income Disclosure Act would provide Americans with a clear picture of the income-producing potential of their accumulated retirement assets.
The Act would also direct the Department of Labor to provide tables that employers or plan sponsors can use to calculate an annuity equivalent.
Source: Financial Planning Magazine
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