More than 90 percent of U.S. workers said they find projections of retirement income somewhat or very helpful, according to a study by the LIMRA Secure Retirement Institute.
"The study suggests that workers are interested in a clear explanation of how the estimates were calculated and need additional information to provide context to the projections," Alison Salka, corporate vice president and research director for the LIMRA Secure Retirement Institute, said in a statement.
The U.S. Department of Labor is tackling the issue of how to best illustrate for Americans what their retirement savings might look like, spread out over all of the years after they stop working. More than 100 retirement industry associations, insurance companies, third-party administrators and service providers have written the DOL to share their thoughts on its proposal to include lifetime income illustrations on defined-contribution plan account statements.
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