NEW YORK ( TheStreet) -- The average 401(k) account has $72,800 in it, according to a study by Fidelity Investments -- hardly enough to support a lengthy retirement. To increase savings, plan sponsors are trying a variety of techniques. One of the most promising is an effort to redesign the statements that savers receive.For decades, a typical 401(k) statement has displayed account balance. But new approach also shows a saver the monthly retirement income that this balance would support. Someone with $50,000 might be told that the account would provide monthly retirement income of $275.
How Much Monthly Income Will Your 401(k) Produce?
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