Edelman Financial Engines has announced the launch of Income Beyond Retirement (IBR), a retirement income solution designed for 401(k) plan participants who are in or near retirement.
According to a June 16 press release, IBR combines portfolio management and technology-enabled analysis with financial advisor support to create “highly personalized, flexible retirement income plans and investing strategies to match the individual needs of employees.” Edelman Financial Engines notes that IBR is already being offered by “dozens of leading companies,” including notable employers such as Boeing, Lenovo, Equifax, Milliken and Prime Therapeutics. The firm notes that the solution is live with its direct provider partners and will be available across all partners soon.
The firm further comments that IBR is a personal experience, rather than a product, and that near-retirees (aged 55 and older) are offered a complimentary Retirement Checkup with an advisor. IBR includes a suite of online resources and access to a team of financial professionals that provide:
- A robust digital experience, including an assessment of after-tax spending capability.
- Income planning and scenario analysis that help participants develop their own unique plans to manage risks associated with market uncertainty, sequence of returns, interest rates, inflation and longevity uncertainty.
- Custom portfolio strategies tied to participants’ goals for reliable income, asset growth or any combination of objectives.
- An integrated view, including optimized Social Security claiming strategies, in-retirement income sources, and withdrawals generated from all household accounts (including tax-deferred and taxable accounts).
