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Products September 19, 2011
GuidedChoice Debuts Product to Show Way to Secure Retirement
September 19, 2011 (PLANSPONSOR.com) – GuidedChoice has launched Retirement Readiness, a new solution that allows retirement plan participants to see where they stand on the path to retirement and helps them take action to improve their savings and investment strategies.
Reported by Tara Cantore
Leveraging the firm’s expertise in behavioral finance, GuidedChoice designed the personalized assessment to meet the real-world preferences and responses of plan investors, according to the firm. To make it easy to read and understand, the report focuses on just a few key facts drawn from retirement plan data: projected retirement income (in today’s dollars), savings rate, and portfolio diversification.
To provide next-step actions appropriate for all participants, it offers both access to professional advice and management through the company’s flagship GuidedSavings solution, and a streamlined option to implement simple savings and investment changes immediately.
The news release explained that research has shown that while participation rates in 401(k) plans are at historically high levels, contribution rates and average balances remain too low to provide adequate retirement savings for many investors. Inducing these at-risk participants to plan more prudently has proven difficult, however. The new offering meets a need in the marketplace for a participant “reality check” that is both extremely clear and immediately actionable.