U.S. Senators Jeff Bingaman (D-NM), Johnny Isakson (R-GA) and Herb Kohl (D-WI) have introduced a bill aimed at helping Americans save enough so that they will not be in danger of outliving their retirement savings.

The Lifetime Income Disclosure Act would require 401(k) plan sponsors to use an annuity model to project how much income an investor would have each month in retirement based on how much they have saved, patterned on the Social Security Administration’s annual statements it has been mailing to all working Americans since 1989.

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