Financial Engines has improved its 401(k) advice services with the launch of the Financial Engines Retirement Plan, a personalized statement that addresses each investors savings, investments and retirement income needs.
As Financial Engines noted, the recent market downturn has reduced retirement account balances and shaken investors confidence. According to the Employee Benefit Research Institutes annual retirement confidence survey, the number of workers who feel very confident about their ability to retire has dropped to 13%, the lowest in the surveys 19-year history.
Investors are emerging from the initial shock felt after the market declines of 2008 and want to know where they stand and what they need to do to achieve their retirement goals, said Ken Fine, executive vice president of marketing at Financial Engines. Through the Retirement Plan, we address the key decisions 401(k) investors face and help them navigate their way to a more secure retirement.
The plan suggests changes to holdings, advises how much an investor should be saving for retirement and estimates the likelihood of their having enough to last throughout their retirement. If a participant is not on track, it tells them they have access to a licensed investment representative who can work with them to improve their outlook.