NEW YORK -- The face of distribution for retirement savings accounts is changing, as Fidelity Investments on Wednesday launched a $70 million product initiative aimed at helping Baby Boomers better manage their finances while making the transition from the workplace to retirement.

The groundbreaking new service, Fidelity Retirement Income Advantage, looks to capitalize on the 76 million Boomers nationwide, many of whom are hard-pressed to determine how much cash they will need after they've exhausted their last corporate paycheck. Given that a bulk of the U.S. population is gearing up for retirement, servicing the client requires "new thinking" in the fund industry, the company said at a press conference here. The move suggests that investors can expect to see a number of new retirement products being unveiled as more and more Boomers retire.

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