LIMRA believes that requiring defined contribution plan sponsors to show participants an illustration of the income stream they will have in retirement is a good first step in improving retirement savings in the United States.
Alison Salka, corporate vice president and director of LIMRA Retirement Research, said in a blog that having that information at their fingertips could have a positive impact on retirement planning and saving.
According to LIMRA's research, the majority of pre-retirees, those between 55 and 70 who have not yet retired, have not done some of the basic retirement planning to determine how much income they would have in retirement.
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