The illustration shows the “value” of your retirement plan account balance as if it were received in the form of an annuity (an insurance product that pays out a series of regular payments over your lifetime) and the monthly income you’d get from that annuity.
It is meant to be an educational tool for investors by presenting an estimated monthly income stream in addition to the usual lump sum on your statement. However, it is based on the end of the quarter snapshot and with the assumption that you would start taking distributions now.*
Keep in mind there are many other factors that go into planning for your retirement income—your Wisconsin Retirement System pension, Social Security, your savings, inflation, assumptions about future rate-of-return on your investments, and more.
While the rules only require this disclosure once per year, to simplify and standardize the process, the lifetime income illustration is provided in all of Member Benefits’ quarterly statements.
Let us help you plan for your retirement income
An income strategy is crucial to keep your money working for you in retirement, especially as you start to withdraw from your retirement account(s).
Member Benefits offers several income management options to fit your unique goals and needs during retirement through yourINCOME PATH, a suite of options and support to help turn your retirement savings account balance into income during retirement. This includes a range of flexible withdrawal options to meet cash flow needs, required minimum distribution support, qualified charitable distributions, Roth conversion strategies, and more. There are no additional costs for these services.
Learn more about yourINCOME PATH and use our free financial calculators as an additional resource.