The Hartford has launched a new patented income solution delivered through 401(k) plans that will provide participants a guaranteed income stream for life.
Hartford Lifetime Income simplifies income planning for retirement savers, according to the company. Retirement plan participants can purchase income shares that provide $10 of guaranteed monthly income for life. That means 50 income shares will generate $500 a month.
The cost of each income share varies with the plan participant's age and current interest rates and is predicated on retirement at age 65. The amount of income from each unit can increase if the participant retires later or can decrease if the participant retires earlier. Plan participants can invest in Hartford Lifetime Income through regular payroll deductions or lump-sum payments.
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"We expect Hartford Lifetime Income, with its revolutionary, simple design, will change the retirement income game," says Patricia Harris, the actuary who designed the product for The Hartford. "It offers predictable income backed by a fiduciary guarantee and it's portable, so no matter what obstacles emerge on the road to retirement, you can have confidence that Lifetime Income is guaranteed to last as long as you do."
The income shares are portable, which means that a plan participant can retain the shares and the guaranteed income they provide if he or she changes employers, or the plan sponsor changes providers or record keepers. Guarantees are based on the claims-paying ability of Hartford Life Insurance Company.
"The simplicity of design – particularly the concept of $10 income shares – helps make retirement income planning easier for 401(k) plan participants," Harris says. "With assistance from our income planning tools, participants can quickly and easily assess how much monthly income they need in retirement. You can then use Hartford Lifetime Income to build a fixed stream of income, share by share."
Americans are living longer than ever, which means their retirement income has to last longer, Harris says. This vehicle is a "highly efficient way to create a predictable, pension-like retirement income that you cannot outlive."
The Hartford Financial Services Group Inc. provides insurance and wealth management services for millions of consumers and businesses worldwide.
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