The Principal Financial Group® announced March 25 that it has consolidated new and existing resources into a retirement transition program that offers an increased level of engagement, education and service for participants age 55 and older.
The primary goals of the program are to build certainty and reduce stress among participants as they make their transition to and through retirement. Program features include:
- Automatic membership: retirement plan participants begin receiving targeted education and support at age 55 and remain in the program to and through retirement.
- Right information at the right time: program members receive informative and actionable communications on a consistent schedule, including a quarterly program newsletter and annual planning reminders on topics like savings, Social Security, Medicare, retirement budgeting and income options.
- Personalized planning: emphasis on working with a financial professional to create a personalized retirement income strategy based on specific needs and objectives such as risk tolerance, desired lifestyle in retirement and anticipated length of retirement.
The new program is part of Principal® PlanWorks, a new approach to workplace retirement readiness that includes a platform of capabilities and services designed to help make plans work better for both participants and plan sponsors. PlanWorks’ three elements — plan design, participant experience and strategic measures — help drive successful retirement outcomes.
