RADNOR, PA — Lincoln Financial Group (NYSE: LNC) has enhanced its Lincoln PathBuilder Income® powered by YourPath® product by adding a lifetime income guarantee to an underlying asset allocation mutual fund. This new feature builds on the success of Lincoln’s existing suite of lifetime income guarantee products and provides plan sponsors and participants with more flexibility and options.
Lincoln Financial recognizes the growing demand for guaranteed retirement income products that provide a stable monthly income for the lifetime of the participant. The company’s 2023 Wellness@Work study found that 35% of participants would increase their contributions if offered a guaranteed retirement income option. Additionally, 72% of non-participants said that having a guaranteed income option in their plan would motivate them to join, a significant increase from 52% in 2021.
The newly added Lifetime Income Balanced Fund can be accessed through managed accounts or as a standalone option in retirement plans. This allows participants to:
- Get guaranteed payments for life.
- Enjoy protection during market downturns.
- Benefit from rising markets with potentially higher income levels.
- Maintain flexibility and access to underlying account value as your needs change.
“Following the success of our current guaranteed lifetime income products, we saw an opportunity to develop additional options that could be used in a variety of other environments,” said Matt Condos, senior vice president, Retirement Plan Services Product Solutions. “We engaged the best and brightest investment managers to develop a new solution. Our full suite of Lincoln PathBuilder Income® powered by YourPath® products is a true differentiator for Lincoln customers when it comes to flexibility, choice and customization in the guaranteed lifetime income space.”
With this expansion, Lincoln Financial Group aims to provide participants with a reliable foundation for retirement planning and ensure a consistent income throughout their retirement years, while also offering them the flexibility to adapt to changing financial needs.
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