How can employers enhance employees' preparedness for retirement?

The Institutional Retirement Income Council (IRIC) has recently released a new paper, "From Savings to Income: The Critical Role of Retirement Income Projections in DC Plans," in which it argues defined contribution (DC) plan sponsors should provide retirement income projections to plan participants, calling it an important element of retirement preparedness.

The paper highlights the necessity of transitioning the focus from total savings to periodic income projections for effective retirement planning. The paper also emphasizes the importance of DC plans in generating sustainable retirement income. It details how integrating income projections, retirement planning tools, and various retirement income products can enhance participants' preparedness for retirement.