By Sandra Block
From Kiplinger’s Personal Finance
It’s not unusual for savers to ignore their 401(k) statements during market downturns, and that’s not necessarily a bad strategy. If you’re years from retirement, you’ve got plenty of time for your investments to recover, and sticking your statement in a drawer could prevent you from taking actions you may regret later.
But if you’re courageous enough to review your recent 401(k) statement, you might see something that’s even more alarming than the recent performance of your investment portfolio. A provision in the 2019 Setting Every Community Up for Retirement (SECURE) Act requires companies to include an illustration in their retirement plan’s quarterly or annual statements that estimates the amount of monthly income your balance would provide if you converted the funds to an annuity….