Do you think you will have enough saved for retirement? A new rule initiated by the Department of Labor as part of the Secure Act passed in December 2019 requires plan administrators to provide an illustrated stream of estimated lifetime payments of a participant’s account balance. This illustration will provide information on monthly retirement income to better plan for retirement.
Should you need more information on how these calculations work and how to prepare for your financial future, please contact us or call our estate and financial planning team at 401-831-0200. You can also learn more viewing this [article] prepared by MarketWatch.