A bipartisan bill recently introduced in the House and Senate would require employer-sponsored retirement plans to provide participants with an estimate of how much lifetime income they could expect from their current savings.
American workers today are faced with the increasingly difficult task of making a lifetime of savings last throughout all their retirement years. Showing workers how much monthly income their savings may generate in retirement will provide workers with a better understanding of their savings options and help them to plan for their future financial security, said Cathy Weatherford, president and CEO of the Insured Retirement Institute. As such, we strongly support policy initiatives, such as the Lifetime Income Disclosure Act, that lead to more informed financial decision making.
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