Fidelity Investments on Wednesday announced a new website, “Income Answers," to help plan participants nearing or living in retirement manage their money responsibly so that they will have enough income to live on throughout their retirement.

The site tells visitors, “Saving was just the beginning. We can help with what’s next. Building a strategy for income in retirement is a whole new challenge.”

Over the next 30 days, Fidelity will be holding 200 educational events and seminars at Fidelity branches, employee worksites and via the Web at which it will showcase its new retirement income planning and scenario building tool. The seminars and one-on-one consultations are available to both Fidelity and non-Fidelity customers.

The income strategy tool shows investors how they can turn their savings into a “retirement paycheck” and incorporates income and investment products from Fidelity and other providers—including bond ladders, target date and asset allocation funds, managed accounts and fixed and variable annuities. It also shows the potential impact of taxes, inflation and rising healthcare costs on retirement savings.

The tool asks investors about their current financial situation and savings, whether they plan to work in retirement, how they plan to spend their leisure time, their health status, expected life span and expected retirement income sources, including Social Security, pension and real estate income.

The program then provides each investor with a plan of action for generating retirement income from their retirement savings based on their risk tolerance, life expectancy and desire to leave a legacy or not. Investors are then encouraged to work with a Fidelity investment professional over the phone or in person to implement the plan.

The Fidelity "Income Answers" website encourages investors to call or visit one of its investor centers for guidance, to read papers by its investment experts on how to “conquer your fears and plan for a bright future in retirement” and to attend a seminar on income strategies at one of its branches.

“Nearly three million Baby Boomers will turn 65 this year—about 7,500 per day—and begin their transition into a retirement which must account for longer life spans, stock market volatility, a low interest rate environment, rising healthcare costs, a changing tax landscape and high unemployment rates,” said Kathleen A. Murphy, president of personal investing at Fidelity.

“We are committed to helping this generation work through these challenges [and have] developed a comprehensive income strategy program that will allow investors to create and test different financial strategies based upon their needs and circumstances,” Murphy said.

Fidelity noted that a recent survey found that 62% of pre-retirees are anxious or stressed about making the transition from saving for retirement to living off those savings. And yet, 75% of pre-retirees do not have a formal retirement income plan.