According to the company, the Principal Income IRA includes a brokerage account that allows retirees their choice of mutual fund investments and a way to transition to a guaranteed distribution through a benefits contract.
The program also provides cost-of-living adjustments and gives the investor the option to add benefits such as:
- Income to pay for a caregiver
- Income to a surviving spouse and to beneficiaries in amounts the retiree elects
In addition, the Principal Income IRA allows retirees to adjust their retirement income and benefits based on lifestyle changes. The Principal Income IRA uses the RetireMentor system – an income planning and management system developed by Golden Retirement Resources, Inc. (GRR), that helps retirees design their retirement plan, Principal said.