TD Ameritrade Holding Corp. and TD Ameritrade Inc.'s affiliated investment advisor have launched a new product to help consumers generate supplemental income after they retire. Amerivest Supplemental Income Portfolios are a series of professionally built mutual fund portfolios designed specifically to help generate income, with features that enable investors to choose when to receive income payments and how much each payment will be.

"As more and more baby boomers approach and enter retirement, we've seen increased demand for tools and resources that help generate and manage income once retirement is no longer a goal but a reality," said Ram Subramaniam, head of products at TD Ameritrade. "This new service can help supplement Social Security, pensions and other income sources in retirement, while giving investors the ability to distribute income on a periodic basis. Investors even have the ability to choose when and potentially how much their payouts will be."

The portfolios will provide income generation, systematic withdrawals, objective recommendations by investment professionals at Morningstar Associates, professional portfolio management and ongoing maintenance.