To combine long-term investment growth, guaranteed lifetime income potential in a single retirement planning
The Hartford Financial Services Group has launched The Hartford’s Personal Retirement Manager to combine long-term investment growth and guaranteed lifetime income potential in a single and tax-deferred retirement planning vehicle.
The Hartford has developed its new product to cater to the changing retirement needs and priorities. Due to recession, the long-term investors are in search for guarantees to replace annual income and maintain their retirement lifestyles, said the company.
The company claims that its new two-pronged retirement planning approach enables investors to take greater control over their financial future through a simplified and cost effective design.
The income component, ‘Personal Pension Account’ provides guaranteed lifetime income with flexibility to adjust the amount and timing of payouts. The investment component provides access to a choice of various domestic and foreign, equity and fixed income investment options with total annual insurance charges on invested assets ranging from 0.30% to 1.35%.
The investors have the flexibility to allocate their investment dollars into both the income and investment component based on their changing financial needs, said the company.