GuidedChoice has created a retirement plan “reality check” for participants to see how well prepared they are for retirement and how much income their savings will produce. The program also guides them to save more and offers access to professional advice.
While participation rates in 401(k) plans are at record highs, contribution rates and account balances are too small, GuidedChoice noted.
“Inducing at-risk participants to plan more prudently has proven difficult,” GuidedChoice said. “The new offering meets a need in the marketplace for a participant ‘reality check’ that is both extremely clear and immediately actionable.”
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