Shlomo Benartzi’s PensionPlus and IRALOGIX announced a partnership today to offer PensionPlus’s personalized retirement income planning through IRAs.
“PensionPlus gives IRA investors total control over their retirement savings and the opportunity to customize their retirement ‘paycheck’ for their specific needs.”
David Bernard, IRALOGIX
The innovative decumulation solution makes it easy for retirement plan participants to create a highly personalized retirement plan designed to last for their entire lives while keeping their current investments.
“Collaborating with IRALOGIX will allow PensionPlus to further its goal of democratizing retirement income planning for all participants, including the tens of millions of Americans relying on IRA accounts,” PensionPlus CEO Benartzi said. “With IRALOGIX retirement income planning will be offered within institutionally priced IRA accounts, making it affordable to all Americans,” Benartzi said.
“We are honored to partner with Shlomo Benartzi and his team at PensionPlus as we integrate the most advanced post-retirement drawdown solution with the power of IRALOGIX’s groundbreaking IRA technology,” said David Bernard, CEO at IRALOGIX. “Together, we are creating fundamental change across the IRA and wealth management industries on behalf of every investor and all those who support them. PensionPlus gives IRA investors total control over their retirement savings and the opportunity to customize their retirement ‘paycheck’ for their specific needs.”
While PensionPlus is already offered by 50 employers, Benartzi said they realize that retirement income planning must also be included in IRA accounts, as there are many situations where retirement income is better managed in an IRA.
He cited the following examples in a post today on LinkedIn:
1) The recordkeeper not being capable of handling automatic inflation adjustments to income
2) The plan sponsor being uncomfortable overseeing the decumulation phase of retirement
3) The plan advisor wanting to offer more personalized income planning features, such as spending more at the earlier years of retirement with a “spending gliding path”
4) The plan participant has half dozen 401(k) accounts accumulated over her working career and preferring the more holistic approach of consolidating accounts and getting one large monthly check
In 2024, 11,000 Americans are expected to celebrate their 65th birthday daily. Many struggle to convert their savings into a retirement paycheck that lasts the rest of their lives. Others are concerned about adhering to their income plan once in retirement and ensuring they don’t outlive their savings. Many Americans are seeking a new and better way to create a personalized plan that matches their goals and preferences.
With PensionPlus, participants get a sustainable retirement paycheck while remaining in complete control of their investments (no transfer of assets required). In addition, PensionPlus monitors the plan (including spending and withdrawals) and adjusts the plan as needed based on portfolio performance and inflation. Additional features include an annual bonus payment and tax optimization. By creating an easy and affordable lifelong solution, PensionPlus aims to give all Americans the peace of mind they deserve in retirement.
SEE ALSO:
• Benartzi’s PensionPlus Partners with Capital Group, American Funds
• Shlomo Benartzi’s PensionPlus to be Offered by OneAmerica
• Personalized IRAs Coming Q1 2024 from New Morningstar Retirement, Envestnet Partnership
• Half of Millennials Want to Retire as Soon as They Can Afford It—And Think They Will
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
