John Hancock Retirement Plan Services announced Tuesday, August 24, that they will offer two suites of lifecycle funds designed to meet individuals’ varied retirement needs.

The Retirement Choices target-date funds take investors “to” retirement, allowing participants to adjust their investment strategy at retirement. Assets are allocated to fewer equities as participants approach retirement.

Alternatively, the Retirement Living suite allows investors to stay in the same portfolio through retirement, and maintains a higher exposure to equities.

According to a July survey of nearly 1,000 participants commissioned by John Hancock and conducted by Mathew Greenwald and Associates, 83% of respondents said it was important for their plan to offer choices in target-date funds to meet investors’ different needs. Furthermore, respondents were almost evenly split between wanting portfolios that would take them “through” retirement (36%) and those that would take them “to” retirement (29%).

“This finding is absolutely in line with our belief that participants need meaningful choices – in investment options in general but within target-date solutions as well,” said Ed Eng, senior vice president of product development in a press release. “With these new portfolios, we took a very participant-centric approach by addressing the simple fact that participants have different needs.”