Thanks to the SECURE Act, You'll Get More Help With Your Retirement Planning Soon

There are many ways to say it: You can't judge a book by its cover. Looks can be deceiving. All that glitters isn't gold. A practical application of those clichés is that you shouldn't start daydreaming about your retirement based on portfolio balance alone.

New legislation aims to reinforce this message. The SECURE Act, signed into law in 2019, will require 401(k) plan sponsors to tell you how your portfolio balance translates into income. If your statement shows a balance of $1 million, for example, that might generate annual income of $45,000 -- and that's the money you'd live off in retirement.

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Source Fool.com