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By 
March 25, 2024 at 03:12 PM
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.
