Facing a growing demographic of Americans who likely have not saved enough for retirement,BlackRock launched The BlackRock Retirement Center, a new digital retirement platform that offers individuals access to resources, tools and insights about their pending retirement.
BlackRock’s launch of the retirement portal coincides with “National Save for Retirement Week,” a congressionally-sanctioned event designed to promote retirement savings among Americans and to encourage employees to participate in their employer-sponsored retirement plans, if they’re offered. “National Save for Retirement Week” runs from October 21-27.
The BlackRock Retirement Center features age-based content to help individuals better prepare for retirement in what BlackRock has dubbed a “New World of Investing,” in which yields are low, markets are volatile and confidence is scarce. The site will assist investors in identifying goals and providing steps for them as they save and invest toward retirement or how to spend during their retirement.
The website will also feature:
• The Define Your Retirement Tool, which will provide an interactive way for all investors to “visualize” their retirement goals, resulting in a personal profile that will lead to plan that can be implemented with the assistance of a financial advisor.
• Just One Thing, in which users can subscribe to simple, clear weekly tips, to help improve the way they think about both saving for and spending in retirement.
• Additional features include a changing line-up of educational videos, infographics and interactive polls to educate investors and financial advisors more about the new world of retirement.
“One of the most important human achievements of our time is people are living longer,” saidRobert Kapito, President of BlackRock. “But we cannot continue to allow the blessing of longer lifespans to become a burden—safeguarding financially secure retirements is the defining challenge of our society.” Of BlackRock’s $3.67 trillion in assets under management as of the end of September, about two-thirds are in some way related to retirement, Kapito added.
Last week, Fidelity Investments also jumped on the personal savings bandwagon, launching a new app for Facebook, called FutureTimeline, which allows users to set long-term financial goals and track their savings toward shorter-term goals, like vacations or buying a new car.
In a nationwide survey fielded in September, BlackRock found respondents very concerned about retirement planning and willing to take action. The survey, BlackRock Investor Watch, found that 70% of investors are starting to talk with their financial advisors about retirement. The full survey is set to be released in the coming weeks, BlackRock said.
BlackRock is also launching a U.S. advertising campaign in support of the initiative, emphasizing the importance of providing secure retirements for clients who protect, teach and serve Americans nationwide.