Maybe it’s because I have miles to go until I can actually collect Social Security – not to mention the fact that I’m not wholly convinced it will be available to me even when I’m eligible – but I tend to gloss over the annual SSA statements that tell me how much of a benefit I could collect once my working days are at last behind me.
That said, perhaps such statements are a more used and useful tool for other Americans. Thus, Sens. Jeff Bingaman (D-N.M.), Johnny Isakson (R-Ga.) and Herb Kohl (D-Wis.) were inspired to craft legislation that would require 401(k) sponsors to provide participants with SSA-esque statements projecting how much investors would have each month in retirement based on how much they have saved.
