According to a company news release, the new three-step goal-setting approach can be supplemented with a Web site, improved quarterly statements and a new Annual Review tool.
According to the news release, a company Web site, www.Manulife401k.com , helps users answer four retirement planning questions:
- How much will my retirement cost?
- How much do I need to contribute to pay for it?
- How should I allocate my contributions?
- How am I doing?
Users then select from one of five potential retirement lifestyles developed using census, demographic and consumer behavior information. Answers to a risk quiz then help the system develop a customized Action Plan with monthly contribution amounts, according to the news release. The system then identifies discrepancies between the retirement lifestyle the participant has chosen and the goals they are currently on task to achieve along with suggestions on how to close any gaps between the two.
In addition to the Action Plan, Manulife also allows participants to review their rates of return for as long as they have been contributing to a Manulife 401(k).