The Hartford Financial Services Group, an insurance and financial services company, has launched its Lifetime Income, a simple, patented income solution delivered through 401(k) plans to provide a guaranteed paycheck for life.
The investment option is also included in the Fiduciary Assure program, an optional, third-party co-fiduciary service provided by Mesirow Financial at no additional cost.
Patented for its revolutionary design, Hartford Lifetime Income simplifies income planning for retirement savers, who can purchase income shares that provide $10 of guaranteed monthly income for life.
Hartford said, the cost of each income share varies with the plan participant’s age and current interest rates, and is predicated on retirement at age 65.
Retirement plan participants can invest in Hartford Lifetime Income through regular payroll deductions or lump-sum payments, according to insurer.
The Hartford actuary who designed the product Patricia Harris said with assistance from our income planning tools, participants can quickly and easily assess how much monthly income they need in retirement.