The asset management giant announced Wednesday that it has launched a new retirement income solution, LifePath Paycheck, now accessible within defined contribution plans.
This innovative approach, which combines a target date fund strategy with the option of guaranteed income, is available to plan participants beginning at age 59 and a half. The guaranteed income is facilitated through annuity contracts issued by Equitable and Brighthouse Financial.
The asset management giant said its LifePath Paycheck aims to offer a reliable, paycheck-like income in retirement, addressing common concerns among American workers about financial security in their later years. To complement this offering, BlackRock has developed MyLifePath, a digital tool designed to illustrate the potential future income based on current savings.
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