BofA Launches Retirement Income Portfolios
The offering aims to provide a reliable money stream, even during inflation and market swings.
Bank of America has launched retirement-oriented portfolios designed to provide predictable, continuous income replacement over 25 years while girding against market fluctuations and inflation.
The new offering aims to help alleviate concerns for consumers ages 55 and older who, data show, increasingly worry about outliving their retirement savings, Bank of America said.
The Retirement Income Portfolio capabilities for Merrill Guided Investing and Merrill Guided Investing with an Advisor provide clients near retirement age the ability to control their retirement income while also allowing for flexibility and eliminating the need to withdraw Social Security funds early, according to the company.
Investors can choose strategies ranging from “stable income” to “income and growth” to best align with their time horizon, risk tolerance and more, Bank of America notes. The portfolios provide recurring distributions into a Bank of America checking account or other bank or investing account of their choosing.
Designed and maintained by the chief investment office, the Retirement Income Portfolios provide enhanced cash management capabilities, supporting recurring distributions, money movements and facilitating easy connectivity to clients’ broader Bank of America accounts. Clients must have a minimum of $50K in assets to fund the account.
“For many individuals approaching retirement, financial security and the concern of outliving assets can feel overwhelming, especially when it comes to making your nest egg last as you step away from working. The new Retirement Income Portfolios are designed to give our clients the security and predictability of a stable and anticipated income,” said Matt Gellene, the head of Consumer Investments and Employee Banking & Investments at Bank of America.
“By creating spending guardrails in the form of a predictable monthly deposit, clients can feel assured they are spending within their means, allowing them to better enjoy this new phase in their lives.”
Merrill Guided Investing is an online investment advisory program that combines online investing with a professionally managed portfolio. Merrill Guided Investing with an Advisor offers access to the robo-advisor platform and additional one-on-one guidance from a financial solutions advisor.
Photo: AP