Fidelity Investments on Wednesday launched a suite of retirement income products and tools aimed at individual investors and advisers. The suite includes a new family of 11 retirement income mutual funds-of-funds spanning from 2016 to 2036 and a low-cost, deferred variable annuity with an income guarantee.

Like Fidelity’s target-date Freedom Funds, the Fidelity Income Replacement Funds start out more aggressive, with a larger allocation of equity, and gradually shift over time to a greater emphasis of fixed income and short-term funds. The funds, which have low expense ratios of 54 basis points to 65 basis points, also make monthly payments to investors.

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