Merrill Lynch Introduces Retirement Income Solutions

My Retirement Income allows clients nearing, or in, retirement to automatically transfer funds from a Merrill Lynch cash management account into a Bank of America deposit account on a periodic basis for simplified retirement income distribution and management, according to a press release.

MLGWM said it has recently enhanced its Retirement Income Service to enable Merrill Lynch financial advisers to help clients track their spending behaviors in retirement. Through this service, financial advisers can provide more holistic advice around managing cash flow and adjusting retirement investment strategies to help clients manage their savings so it will last throughout their lifetime.

The firm also announced the Merrill Lynch Retirement Income Framework, a proprietary retirement income planning and investment approach designed to complement Merrill Lynch financial advisers’ existing retirement income strategies when working with clients.

According to the announcement, the foundation of the new framework is a segmented investment approach best suited for clients nearing, and in, retirement that divides assets into three distinct portfolios designed to better enable clients to address short-term consumption needs, optimize long-term investment opportunities, and marshal excess savings to help maximize the value of their legacies and intergenerational transfer of wealth.

The investment approach also takes into consideration a client’s individual risk tolerance, and is designed to help mitigate common risks associated with retirement income plans, including longevity, inflation, asset allocation, and health care.

More information is in a white paper entitled “A Framework for Managing Retirement Income.” The white paper is here.