A Schwab news release said the new approach to retirement education is designed to answer questions about issues such as whether workers can afford to retire, their retirement expenses, when they should begin Social Security benefits, and how best to generate income during retirement.
“We have a different point-of-view from other financial firms in how we approach retirement. For most people, retirement isn’t about hang-gliding or hitting the golf course every day. People dream of balance – enjoying a comfortable lifestyle, covering health care costs, spending time with family and friends, and making sure they won’t run out of money,” said Mark Jamison, vice president, Charles Schwab, in the news release. “We chose to build a service that addresses real life challenges people are facing today, which typically don’t involve a life sailing around the world.”
The new program starts with a free consultation. To help deal with the in-retirement income needs, Schwab said it will help investors develop the proper portfolio with access to income funds, help find appropriate fixed income investments, and provide an annuity cost comparison tool and a “rollover concierge” to help the investor consolidate multiple accounts.