ABG Retirement Plan Services has created LifetimeIncomeCenter.com, a resource for answering critical retirement planning questions such as, How long will I live? Will I run out of money? When should I start Social Security payments? How would an annuity help me?
Participants can complete a brief questionnaire or answer more detailed questions about health and lifestyle issues to receive a longevity analysis. Understanding life expectancy and longevity risks is basic to retirement planning, ABG says.
A calculator developed by the Department of Labor (DOL) interprets a participant’s account balance accumulation as a level monthly payment for life to assess an individual’s retirement readiness.
An easy-to-navigate tool demonstrates some of the options for timing on when to start receiving Social Security benefits. A recent AARP study shows that 80% of Americans will depend partially or substantially on Social Security. “Making the right choices will have a big impact on reaching successful retirement,” John Blossom, chief executive of Alliance Benefit Group of Illinois, said in a statement.
The site offers institutionally priced annuity quotes for guaranteed income of all forms including qualifying longevity annuity contracts (QLACs). The offering is in line with the annuity purchase Safe Harbor rules of the Department of Labor (FAB 2015 -2), even though the annuities are purchased outside the employer’s plan. Institutionally priced, competitive bid annuity quotes are offered through Income Solutions, a program of Hueler Financial Investment Services Inc.
ABG’s Lifetime Income Center is available to participants of retirement plans the firm serves as well as to organizations whose plans are served by other entities.
“A lot of emphasis has been given to the accumulation side of retirement plans,” Blossom said. “However, we also need to provide education and tools to participants as they near retirement to maximize retirement income.”
ABG Retirement Plan Services is an independent recordkeeper and plan administrator. More information is at their website.