Pacific Life Insurance Co. has introduced the Retirement Income Translator, an online tool to help individuals understand what their retirement savings can mean when translated to retirement income.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act requires defined contribution (DC) plan sponsors to provide plan participants with an annual statement reflecting monthly lifetime income. Pacific Life says the Retirement Income Translator tool can be a great resource to help educate individuals about the projected monthly value of their retirement savings.
Some sources believe that if retirement plan participants see a paltry “retirement paycheck” estimate, it could prompt them into making greater contributions to their retirement accounts.
Pacific Life’s tool creates a two-minute personalized video that aims to illustrate the potential benefits of protected lifetime retirement income through an annuity. The company says the tool also can encourage individuals to start the retirement income conversation with a financial professional.
“There is an information gap,” says Christine Tucker, vice president of marketing for Pacific Life’s Retirement Solutions Division. “Many consumers don’t know what their savings mean when it comes to retirement income, nor do they know if or how an annuity can help them. The Retirement Income Translator aims to bridge that gap by providing a simple, palatable, personalized experience introducing protected lifetime income.”For more information, visit PacificLife.com/RetirementIncomeTranslator.