Putnam Investments recently added a Lifetime Income Analysis Tool to its suite of retirement products. The product allows 401(k) plan participants to project how much income their current retirement savings may generate in retirement and help them determine whether they are on track to achieve their desired lifestyle, Putnam said. It also provides them with an analysis of likely investment outcomes for their account based on their asset class mix, and gives them the ability to instantly reallocate their portfolio to better align with their retirement income goals.
“The financial crisis made it painfully clear that investors need to change the way they view the retirement savings process by shifting their focus away from simply amassing assets to specifically planning how much actual income will be needed–and can be expected–in retirement,” Jeffrey Carney, Putnam Investments’ head of global products and retirement, said in a release. “The most critical factors in determining a successful retirement outcome are an individual’s level of savings and striking an appropriate asset allocation. Putnam’s enhancement to its Lifetime Income Analysis Tool directly addresses the crucial asset allocation element.”