Colleen Flaherty Manchester
As employer-sponsored savings vehicles, like 401(k)s, become a major source of retirement income for millions of Americans, personal biases can have an outsized impact on retirement security.
Given the widespread transition from defined benefit (DB) to defined contribution (DC) retirement plans, Americans increasingly face the challenge of assessing whether their saving behavior is likely to provide a secure retirement.
Many investment companies have begun providing their defined-contribution pension participants with individualized, retirement income projections. The U.S. Congress is currently considering whether to require them all to do so.