Fintech provider IRALOGIX, which specifically serves the IRA market, announced that it is partnering with PensionPlus to make it easy for retirement savers to create a personalized retirement plan, all while keeping their current investments.
With PensionPlus, participants get a sustainable retirement paycheck while remaining in complete control of their investments with no transfer of assets required. In addition, PensionPlus monitors the personalized plan—including spending and withdrawals—and adjusts the plan as needed based on portfolio performance and inflation. Additional features include an annual bonus payment and tax optimization.
“Collaborating with IRALOGIX will allow PensionPlus to further its goal of democratizing retirement income planning for all participants, including the tens of millions of Americans relying on IRA accounts,” PensionPlus CEO Shlomo Benartzi said in a statement.
“We are honored to partner with Shlomo Benartzi and his team at PensionPlus as we integrate the most advanced post-retirement drawdown solution with the power of IRALOGIX's groundbreaking IRA technology,” added IRALOGIX CEO David Bernard. “Together, we are creating fundamental change across the IRA and Wealth Management industries on behalf of every investor and all those who support them. PensionPlus gives IRA investors total control over their retirement savings and the opportunity to customize their retirement ‘paycheck’ for their specific needs.”
In 2024, 11,000 Americans are expected to celebrate their 65th birthday daily, the organizations note, adding that many struggle to convert their savings into a retirement paycheck that lasts the rest of their lives. Others are concerned about adhering to their income plan once in retirement and ensuring they don’t outlive their savings. As such, Americans need a new and better way to create a personalized plan that matches their goals and preferences, Benartzi and Bernard further explained in their release.
IRALOGIX’s wealth management technology offers fully digital, customizable IRA record-keeping solutions, enabling financial institutions to tailor their IRA offerings seamlessly. What’s more, regardless of account size, institutional clients can leverage their internal investments and advisory capabilities or partner with top-tier industry providers.
Founded in 2021 by Professor Emeritus Benartzi, PensionPlus combines behavioral economics with an advanced financial engine and other technologies to set customized lifelong paychecks and help users stay on track for their entire retirement with the organization’s proprietary Nudgebot.
Last year, OneAmerica and The Capital Group announced (separately) that they would begin offering PensionPlus to their retirement plan clients.
