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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