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Shifting Mindset: Turning Retirement Savings Into Retirement Income

The moment of retirement brings a sudden shift from earning a paycheck and planning for retirement to a new reality and the need for a different income stream. With thousands of baby boomers retiring daily, financial professionals have an opportunity to help these individuals convert retirement savings into retirement income.

Principal Income Protector SM , a new easy-to-use tool from the Principal Financial Group, ® helps financial professionals develop a customized retirement income plan for their clients. Powered by a proprietary algorithm created by QWeMA (Quantitative Wealth Management Analytics) Group, the tool provides an optimal product allocation strategy to generate a sustainable lifetime income.

“We’ve reached a demographic tipping point and are in the midst of one of the largest financial transitions in our history, spurred by the 10,000 boomers a day hitting age 65. The paycheck that fueled boomers’ savings is gone and with that comes an instant shift in mindset,” said Jerry Patterson, senior vice president Retirement and Investor Services for The Principal ®. “Through our work with QWeMA, financial professionals now have a simple, yet important tool to help their clients attain financial security in a world without a paycheck.”

“We’ve created a mathematical approach to retirement income that not only helps individuals better plan for the next and important phase of their life. It visually demonstrates the importance of creating sustainable retirement income,” notes Moshe Milevsky, professor at York University, founder of the QWeMA Group, and research director at CANNEX.

Planning and saving for retirement are intuitive goals, but Patterson says planning how to make savings last throughout retirement requires a whole new way of thinking and a more customized approach.

“This phase of life involves many complex decisions about a number of variables against some significant risks,” said Patterson. “Without a steady paycheck, spending too much or making investment mistakes can very quickly unravel a lifetime of savings.”

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