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If you have a defined benefit pension or a traditional plan provided by your employer, federal law says you have to be provided with an illustration of how much money you can expect to receive each month.
But if you have money invested in a 401(k), the only thing you may see is a lump sum amount and little if any direction on how that money translates into a monthly payment.
Let’s say you have saved $125,000 in your 401(k) for retirement. That’s a lot of money, but how does that translate into a monthly payment?
To help answer that question, the Department of Labor’s Employee Benefits Security Administration is considering rules that would require estimated income illustrations for workers participating in plans such as 401(k)s and 403(b)s.