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 plans to:
- 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 declines.
“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.