Products February 1, 2017

Hanlon Adopts BlackRock’s iRetire Platform

The iRetire platform estimates annual retirement income and helps advisers guide their clients through different strategies that can close the income gap.
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Hanlon Investment Management will now offer the iRetire investment framework by BlackRock.

This platform provides financial advisers and wealth managers with tools designed to help clients gauge their annual retirement income. The system lets advisers estimate how much income their clients’ current savings strategies could generate in retirement. It also helps advisers visualize how certain changes in investor behavior such as saving more or changing investments could improve retirement readiness.

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The iRetire platform draws on CoRI methodology, the engine behind BlackRock’s retirement income indexes; and the risk analytics of Aladdin, BlackRock’s risk and enterprise investment system.

“We are thrilled to get iRetire in the hands of advisers in the Hanlon network, who now have direct access on their platform and can integrate it into their clients’ retirement planning,” says Frank Porcelli, chairman of BlackRock’s US Wealth Advisory Business. “Planning for retirement income is an essential component of a financial plan, which is why we developed iRetire, to address that issue head-on so advisers can engage in more meaningful dialogue with clients and help keep their clients on track to and through retirement.”

Hanlon offers asset management and practice management solutions to thousands of advisers nationwide. Hanlon’s Wealth Advisor Platform helps advisers manage various aspects of their business including portfolio accounting, reporting and marketing, investment management and retirement planning. 

Client Service February 1, 2017

Older Generations Need Help Preparing for Retirement

Forty-two percent of Gen Xers and Baby Boomers surveyed say they plan to mostly or entirely rely of Social Security.
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More than three-quarters of Generation X and Baby Boomers strongly agree (38%) or somewhat agree (39%) that they need to save more to afford the retirement they want.

An Ipsos/USA Today poll of 1,205 adults ages 45 to 65 from the continental U.S., Alaska and Hawaii, found 68% have personal savings for retirement, 40% invest in stocks, 39% have a pension, 19% have annuities, 19% have bonds, and 13% hold securities. More than half (52%) of respondents said they contribute to a 401(k) plan, while 42% contribute to an individual retirement account (IRA), 14% contribute to a health savings account (HSA), and 10% contribute to a 403(b).

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When asked how they intend to fund their retirement, 12% said they will almost entirely rely on Social Security, and 30% said they will mostly rely on Social Security. Forty-two percent said they will mostly rely on their own savings or benefits, and 17% said they will almost entirely rely on their own savings and benefits.

The majority of respondents expect to retire at age 70 or before; 17% at 60 or under, 26% at ages 61 to 65 and 22% at ages 66 to 70. Only 7% said they do not plan to retire. Only 17% feel very prepared for retirement, while 42% feel somewhat prepared. Nineteen percent feel somewhat unprepared, and 22% feel very unprepared.

Similarly, only 15% feel very confident they will have enough money to last through retirement, and 40% feel somewhat confident. Twenty-three percent feel not very confident, and 22% feel not confident at all. Seventy-eight percent strongly or somewhat agree that they will cut back on spending in retirement. Seventy-two percent somewhat or strongly disagree that their families will help support their retirement.

NEXT: How much have they saved?

Sixty-five percent are very or somewhat likely to put at least $100 toward retirement over the next six months, but 77% said they are very or somewhat likely to put at least $100 toward paying off debt.

Seven percent of Gen Xers or Baby Boomers reported they have less than $10,000 saved for retirement, and 11% have $10,000 to $49,999. Fourteen percent have $50,000 to $99,999, and 19% have $100,000 to $249,999. Twenty-three percent have $250,000 to $999,999, and only 7% have saved $1 million or more.

Among those who reported they had little in retirement savings, 59% said they don’t have or make enough money to save, while nearly one-quarter (24%) indicated they plan to rely on Social Security, and 19% said they have a pension. Eight percent said it is just not a priority right now, and 6% said they lack information regarding retirement.

Twenty-three percent reported that they use a financial adviser or broker to help plan their investments, savings or retirement, while 21% rely on the Internet and 20% use advice from family, friends or co-workers. Eighteen percent use a financial planner, and 11% turn to newspapers or magazines.

More findings from the study are here.

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