Under the SECURE Act there is a lifetime income disclosure requirement.
As soon as the Department of Labor sets assumptions for estimates and creates a model disclosure, plan sponsors will be required to provide participants with lifetime income disclosures. The communications will show the amount of monthly income that participants’ accounts may provide if invested in annuities that offer lifetime income.
Why wait? There are many tools that will provide that estimate now. Here’s an example of one of those calculators. Such estimates will show you the monthly income you might expect from what you have accumulated in your retirement account.
For example, if you want to retire at age 65 with a monthly income of $5,000, you will need about $989,965 (variable by state and gender).,