ATLANTA, May 17, 2012 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced the SunTrust Retirement Income Navigator™, an innovative process that enables SunTrust Investment Services, Inc. advisors to help clients plan for and maximize retirement income while drawing down assets in a tax-smart, optimized way. Using this process, SunTrust clients may increase retirement income by up to 33 percent versus a tax/investment neutral approach according to a validation study by an independent research group.(1) This new service reflects SunTrust's ongoing commitment to provide industry leading financial services that address the evolving needs of wealth management clients. For the 80 million Baby Boomers close to retirement and those already retired, one of the biggest challenges is determining how best to turn assets into income. Moreover, investors have often purchased different products at different times and investments held have grown in number and complexity. While most decumulation strategies today rely on products or planning to generate income, the Retirement Income Navigator's three step process – Plan, Invest, Manage – also uses tax-smart technology to provide actionable results rather than general recommendations. Developed in partnership with LifeYield, LLC, the cutting-edge approach allows advisors to scan comprehensively across all accounts to determine a tax-smart, optimal withdrawal sequence and mix of assets for liquidation. "If investors draw down assets in a predictable and methodical way, they can enjoy better after-tax returns, increased retirement income and, possibly a greater bequest to heirs," said Mark Davis, SunTrust Investment Services, Inc. senior vice president. "Retirement Income Navigator provides tremendous value and precision for our financial planning clients in that their assets are being managed in a tax-smart way to provide a steady income stream." "SunTrust is at the forefront in providing its clients with premium retirement income services," said Mark W. Hoffman, CEO of LifeYield. "I couldn't be more pleased that such a respected institution chose LifeYield to help them deliver these services to its clients." SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2012, SunTrust had total assets of $178.2 billion and total deposits of $130.0 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com. SunTrust Bank and its affiliates and the directors, officers, employees and agents of SunTrust Bank and its affiliates (collectively, "SunTrust") are not permitted to give legal or tax advice. Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction.