By Sarah O’Brien
It can be tricky figuring out how much income your retirement savings actually could deliver in your golden years.
That may now become easier.
As mandated in the 2019 Secure Act, 401(k) plan administrators will start providing illustrations on quarterly or annual statements showing an estimate of how much guaranteed lifetime income you could potentially get if the balance were annuitized.
“The general intent here is to educate plan participants about how much their actual account value would [be] in monthly income,” said Jason Berkowitz, chief legal and regulatory affairs officer for the Insured Retirement Institute.