The Retirement Income Strategy module will be available to plan participants ages 50 or older on MassMutual's platform at www.retiresmart.com in late April. The module, developed as an extension to the firm's RetireSmart Ready tool, provides plan participants ages 50 or older with financial guidance for a lifetime.
It combines participant preferences and objectives with financial solutions to help preretirees forecast and create an optimal retirement income plan by assessing the following key areas:
- Guaranteed Income – How much money will they have annually in retirement based on their current savings?
- Liquidity Needs – Will they have enough money for unforeseen expenses?
- Income Growth – Will their accumulated assets last a lifetime?
- Estate Value – Are they planning to leave any money to loved ones?
MassMutual's Retirement Services Division will unveil its new Retirement Income Strategy module via a live webcast for retirement plan professionals and sponsors titled "DB-Like Security from a DC Plan" on Tuesday, April 23 at 12 p.m. EDT. The live one-hour webcast will be moderated by Charles Ruffel, founder and director of PLANSPONSOR magazine, and presented by Tina Wilson, CFA, AIF, vice president of product development for MassMutual's Retirement Services Division.
The webcast will explore how a defined contribution (DC) plan can serve as the basis of a monthly retirement income stream similar to a defined benefit (DB) plan with minimal plan changes and a customized strategy. Specifically, Ruffel and Wilson will encourage advisers and plan sponsors to help participants develop a pre-retirement strategy, define an income goal and make the right asset allocations. The presentation will conclude with choices to make at retirement to ensure that accumulated assets last a lifetime. There is no fee to attend, but advance registration is required. Retirement plan professionals and plan sponsors may register here.