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U.S. Senator Johnny Isakson (R-GA) joined Democrat Chris Murphy of Connecticut Tuesday and re-introduced bipartisan legislation that he says will help Americans ensure they do not outlive their retirement savings.
The Lifetime Income Disclosure Act, would require 401(k) plan sponsors to inform participating workers of the projected monthly income they could expect at retirement based on their current account balance.
Isakson believes that with the shift to 401(k) plans, American workers have become increasingly responsible for putting savings into and managing their retirement investments. However, he points out that studies have found that many Americans are not saving enough, and they are unsure how quickly or slowly to draw down their savings in their retirement years. ....

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