There are two proposed pieces of legislation sitting in Congress that would seem to be no-brainers for helping people save for retirement and helping advisors help their clients.
One is the Lifetime Income Disclosure Act, which would require 401(k) plan sponsors to inform participating workers of the projected monthly income they could expect at retirement based on their current account balance. The Social Security Administration was mandated to issue annual statements that inform people of their estimated monthly benefits given their current earnings in 1989 and it’s been extremely valuable in helping people envision retirement income.
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