Retirement income planning can have a very positive impact on the retirement readiness of American workers. As workers take on more responsibility for their own futures, it is vitally important for plan sponsors and advisors to help participants come up with a viable savings plan to get them through retirement.
A study by ING U.S., "Retirement Income Redefined," pinpoints some potential discrepancies in retirement planning ideologies and practices, and reinforces how retirement is being redefined fundamentally.
The Department of Labor proposed rules that would require defined contribution plan sponsors to offer plan participants a lifetime income illustration on their account statement. The snapshot would show what their monthly income would be in retirement, based on their current savings.
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