Long-term financial planning can be difficult, and while new automatic enrollment and increased contributions make it easier than ever to save for retirement, reaching retirement can be even more stressful. Moving from savings mode to the active retirement phase not only requires a change in mindset but also a change in the way you manage your finances.

Investment advisor Edelman Financial Engines is offering a new product aimed at helping savers through this major life event. Here’s how this new program could help you.

A financial advisor can help you save for your retirement and choose investments that match your financial goals. Find a qualified advisor today.

Edelman Launches New Retirement Income Program for 401(k) Participants

As the largest independent investment adviser in the United States, Edelman recently launched a new program aimed at helping retirement plan participants through their transition to retirement. Called the Income Beyond Retirement (IBR) program, it combines portfolio management with financial advisor support to create flexible retirement income plans and strategies to support retired employees.

“The transition to retirement can be a stressful time in life, and our Income Beyond Retirement solution helps solve a complex challenge while simplifying what employees need to do at every step of the process – and giving near-retirees the peace of mind,” said Edelman Senior. Vice President Stephen Rubino.

IBR offers near-retirees aged 55 and over a retirement review with a financial advisor, and together they design a tailor-made retirement plan. The approach is holistic and focuses on critical retirement decisions, such as when to apply for Social Security benefits and assessing income streams.

Program participants can also expect an integrated digital experience that allows near-retirees to assess their after-tax spending capacity in multiple scenarios. IBR’s income planning and scenario analysis can help participants navigate market uncertainty, sequence of returns, interest rates, inflation, and even longevity uncertainty.

How retirement savers can benefit

The company has already started offering the program to several Fortune 500 companies, including Boeing, Lenovo and Equifax. Currently, IBR is live with its direct provider partners and will soon be rolled out to all plan sponsor partners.

However, since Edelman’s Income Beyond Retirement program is currently only available to a select group of 401(k) plan participants, savers nearing retirement might not realize how much such an integrated offering can benefit them. Stripped down to its essence, IBR is a one-stop-shop for near-retirees, combining a financial planning service with ongoing retirement income optimization.

Even if your 401(k) sponsor does not offer the program, you may receive similar benefits. While part of the program’s ongoing benefits come from its suite of online resources, much of the planning begins with financial counseling. Retirement savers can talk to an expert at any stage, but those nearing retirement can especially benefit from an advisor’s analysis.

IBR aims to optimize retirement income, and near-retirees should focus on moving their assets to an allocation that matches their risk tolerance and changing time horizon. Consulting an expert can help identify potential and current sources of retirement income, incorporate withdrawals from all household accounts, both tax-deferred and taxable, and consider future plans. That said, savvy investors can certainly tinker with their retirement plans, but complex situations may require additional help.

Conclusion

Financial advisory firm Edelman Financial Engines recently launched a new retirement income program aimed at helping 401(k) plan participants transition into retirement. A combination of digital experience and financial consultation, the Income Beyond Retirement program has already been rolled out to key partners and will continue to expand its availability over the coming months. Although not available to everyone, savers can also benefit from consulting an expert as they approach retirement to optimize their retirement income and future planning.

Retirement Planning Tips

• Not sure if you have enough savings for a smooth retirement? For a solid long-term financial plan, consider speaking with a qualified financial advisor. SmartAsset’s free tool connects you with up to three financial advisors who serve your area, and you can interview your matching advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.

• Use SmartAsset’s free retirement calculator to get a good first estimate of how much money you’ll need to retire.

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