Jul 12, 2012 --- The Hartford released a tool that permits savers to set savings and income goals,
track their progress and integrate other financial sources. ---
Forget the one-size-retirement fits all approach of most 401(k)
plan providers. The Hartford’s Retirement Access website has added a number of customizable
tools, including the five-step My Retirement Tracker—to make it easier for
participants to manage their retirement savings accounts and set goals based on
their desired lifestyle in retirement. My Retirement Tracker allows the more
than one million 401(k) participants that The Hartford serves in over 28,000
- Set savings and income goals for retirement.
- Track progress towards these goals.
- Integrate their current retirement plan with
other retirement assets they may have.
- Project retirement savings at specific ages.
- Estimate how contributing more to their 401(k)
can impact their savings.
“It is critical for 401(k) plan participants to set savings
and income goals as part of their retirement planning process and then monitor
their progress toward these milestones,” said Sharon Ritchey, executive vice
president of The Hartford’s Retirement Plans Group. “Our new tools help
participants become more engaged in the retirement planning process and take
greater control over their financial future.”
The tools follow The Hartford’s recent introduction of The
Hartford Lifetime Income fixed deferred annuity designed for 401(k)s. The
solution focuses investors’ attention on the income benefit, selling investors
shares that pay $10 of guaranteed monthly income for life beginning with
retirement at age 65. (See “Hartford
Introducing Retirement Income Solution for 401(k)s).”) Introduced last
fall, The Hartford permits investors to contribute to the solution through
regular payroll deductions or lump-sum payments. The cost of each income share
varies with the plan participant’s age and current interest rates. If an
investor retires later than age 65, the income generated from each share rises.
Conversely, if the investor retires earlier than age 65, the per-share income
“The Hartford is focused on providing new tools and
innovative products that help our retirement plan participants prepare for a
more comfortable retirement,” Ritchey said.