According to a press release, “The RECOVER Plan by Transamerica,” is designed to help participants understand the causes of the economic situation, the cycles of the financial markets, and how to evaluate and improve their prospects for retirement.
The announcement said RECOVER stands for:
- Recognize the events that led us to this economic situation and understand that financial markets are cyclical.
- Evaluate your current situation.
- Calculate your retirement income goals and determine how much you need to save for retirement.
- Organize your budget to determine how much you can save.
- Verify that your investment strategy corresponds to your risk tolerance.
- Execute any necessary changes.
- Regain control of your Retirement Dreams.
The program guides participants through the process with the help of a workbook and video presentation. The workbook walks participants through a process to understand and assess their current financial situation, identify how much they are actually able to save towards retirement, and the types of investment choices to consider, and also includes instructions on how to make account contributions and investment changes quickly and easily. The accompanying video presentation works in tandem with the workbook to help guide participants through the program.
The program is available on the Transamerica participant Web site as a Flash file and downloadable PDF. A DVD and workbook are available as well.