J.P. Morgan Asset Management is adding a tool to its SmartRetirement target-date series that will support plan participants’ efforts to turn their savings into income during their retirement, the firm announced Monday.
When participants in SmartRetirement funds retire, they can withdraw a portion of their money each year until a target maturity that is 35 years after their retirement. The fund will suggest an annual withdrawal amount that would allow them to continue withdrawing over that time period.
The retirement spending tool, which includes an interactive calculator that helps retirees look at spending tradeoffs, is based on JPMorgan Chase’s spending data, which covers almost half of U.S. households.
Last year, J.P. Morgan launched what it called SmartRetirement Plus, which lets plan participants to funnel retirement savings from one of the firm’s target-date funds into an annuity from AIG.
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