This expansion enhances the CoRI online portal with a new feature that helps pre-retirees identify savings and investment strategies that can help them plan for income goals in retirement. The firm says the new functionality should allow the CoRI suite to help investors understand and take action to address the critical relationship between accumulated savings and lifetime income in retirement.
The CoRI suite includes the following features:
- Access to the BlackRock CoRI Retirement Indexes (the “CoRI Indexes”), which track the expected median cost of lifetime income for individuals turning 65 in the year referenced in the respective index names;
- Access to the BlackRock CoRI Funds (the “CoRI Funds”), which are mutual funds that use the CoRI Indexes as their investment benchmark (see “BlackRock Unveils CoRI Funds”); and
- The expanded CoRI tool, which delivers a clear and intuitive “translation” between retirement savings and estimated annual retirement income, and with the new enhancements, illustrates how sample investment portfolios with varying allocations can help an investor plan for their retirement income goal.
“The CoRI approach addresses the crucial issue at the heart of the retirement challenge, saving enough in your working years to get the income you want in retirement,” says Chip Castille, head of BlackRock’s U.S. Retirement Group, based in New York. “CoRI gives pre-retirees unique insight into the savings-to-income translation, plus the tools to put that insight to work.”
Castille adds that a saver can use the appropriate CoRI Index to estimate how much his or her current savings may generate in annual lifetime income when he or she turns 65 or, conversely, how much he or she would need to have currently saved to reach a certain level of annual retirement income upon turning 65.
After obtaining an estimate of how much their current savings may generate or how much they would need to save, investors can use the enhanced CoRI tool to examine a range of sample portfolios based on publicly available indexes as proxies for asset classes. Investors can consider how conservative, moderate and CoRI Index portfolios may affect their retirement income plan, as well as how much or how little additional annual savings may be needed based on the retirement income a participant wants. The CoRI tool can also help investors see how adding portfolio exposure to the CoRI Indexes may help them progress toward their retirement goals with greater efficiency.
More information is available at http://www.BlackRock.com/CoRI.
BlackRock is a provider of investment management, risk management and advisory services for institutional and retail clients worldwide.