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Products September 19, 2011
GuidedChoice Rolls Out Savings Tool for Participants
GuidedChoice has launched Retirement Readiness, a solution that
allows retirement plan participants to see how prepared they are for retirement and helps them take action to improve their savings and
investment strategies.
Reported by PLANADVISER staff
GuidedChoice reports that it used its expertise in behavioral finance when designing the personalized assessment tool. To make it easy to read and understand, the tool focuses on a few key facts drawn from retirement plan data: projected retirement income (in today’s dollars), savings rate, and portfolio diversification.
To provide next-step actions appropriate for all participants, it offers both access to professional advice and management through the company’s flagship GuidedSavings solution, and a streamlined option to implement simple savings and investment changes immediately.
Research from GuidedChoice has shown that while participation rates in 401(k) plans are at historically high levels, contribution rates and average balances are still too low to provide adequate retirement savings for many investors. The company hopes its Retirement Readiness offering can help at-risk participants to plan more prudently.