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Prudential Guaranteed Retirement Income

A guaranteed stream of income for life is a foundational element of financial wellness.

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A lifetime of financial wellness

Research tells us that people who incorporate guaranteed lifetime income products into their retirement planning are not only more financially secure, but also feel more confident with self-funded retirement income that won't run out.1

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The importance of lifetime income

Financially secure employees are less distracted, more engaged and more likely to retire on time. However, financial wellness can’t be achieved without proper plan design, and in-plan guaranteed lifetime income is a key component to ensure a smooth road to retirement.

OF PARTICIPANTS FAMILIAR WITH IN-PLAN GUARANTEED LIFETIME INCOME CONSIDER IT VERY IMPORTANT2

The Prudential IncomeFlex Target Calculator

This interactive modeling tool shows the value of in-plan guaranteed income. The calculator allows participants to run different scenarios based on a number of factors to show hypothetical projections for market value, income base and lifetime annual withdrawal amount.

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Three important financial wellness stats

Retiree Saving without Guaranteed Lifetime income

A 65-year-old pre-retiree would need to save approximately 36% more without a guaranteed lifetime income product.3

Disruption to plans

44% of workers plan to retire later than previously planned.4

Additional costs to business

A one-year delay in retirement for an individual comes with an incremental workforce cost of $50,000.5

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Rethinking retirement security

Prudential IncomeFlex Target® offered through Prudential Retirement Insurance and Annuity Company is an innovation for plans that provides participants:

  • Guaranteed lifetime income6
  • Sustained potential for growth
  • Downside market protection for retirement income
  • Complete access to their market value7

IncomeFlex Target helps participants accumulate assets on the journey to retirement and convert those assets into a guaranteed income stream. To do this, it tracks two key values—market value and income base. A participant's market value is a daily value that is not guaranteed and rises and falls based on fund performance. If permitted by the terms of the retirement plan, the market value can be passed on to beneficiaries.

Chart description: Initially, a participant’s market value and income base are equal. Moving forward, both increase with contributions and decrease with withdrawals. On a participant’s birthday, the market value and income base are compared. If the market value has decreased, the income base remains unchanged. If market value has increased, the income base is adjusted to match. A participant’s income base will never decline in response to market volatility. Once a participant “Locks-In,” his or her lifetime annual withdrawal amount is guaranteed for life.

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Disclaimer

Guarantees are based on claims-paying ability of the insurance company and are subject to certain limitations, terms, and conditions. Withdrawals or transfers (other than transfers between IncomeFlex Target Funds) proportionately reduce guaranteed values prior to locking in. After Lock-in withdrawals in excess of the Lifetime Annual Withdrawal Amount will reduce future guaranteed withdrawals proportionately and can even stop them.

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Resources Library

Learn how the IncomeFlex guaranteed lifetime income solution can help plan participants prepare for a more secure retirement.

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Lock-In Guaranteed Lifetime Income

Transcript

Lock-In Guaranteed Lifetime Income

At the plan level, IncomeFlex can be combined with a wide range of underlying investments. In all versions, the benefit helps participants accumulate assets in their journey to retirement and convert those assets into guaranteed income. To do this, it tracks two key values.

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Learn About Guaranteed Retirement Income

Transcript

Learn About Guaranteed Retirement Income

A guaranteed retirement income solution doesn't have to be complicated. This video answers some commonly asked questions.

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The Prudential IncomeFlex Target Calculator

This interactive modeling tool shows the value of in-plan guaranteed income. The calculator allows participants to run different scenarios based on a number of factors to show hypothetical projections for market value, income base and lifetime annual withdrawal amount.

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Contact Us

800-353-2847

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Unlock the power of the Wellness Effect

With workers shouldering increasing financial burdens and risk, offering a financial wellness program isn’t just the right thing to do, it’s also smart business.

See more about Financial Wellness 

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References

  1. Assessing Americans’ Financial and Retirement Security” ACLI 2017
  2. Prudential, Proprietary Defined Contribution Research Report, 2015
  3. Prudential Financial, What employers lose in the shift from defined benefit to defined contribution plans...and how to get it back, 2015, p. 9. Calculations of 2,000 Monte Carlo simulations using a guaranteed minimum withdrawal benefit.
  4. BenefitsPRO, Stop 401(k) leakage now, February 23, 2015
  5. Prudential Financial, Why employers should care about the cost of delayed retirements, 2017, http://research.prudential.com/view/page/rp/32361
  6. Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms, and conditions.
  7. Withdrawals or transfers (other than transfers between IncomeFlex Target Funds) proportionately reduce guaranteed values prior to locking in. After lock-in, withdrawals in excess of the lifetime annual withdrawal amount will reduce future guaranteed withdrawals proportionately. Market value is not guaranteed and will fluctuate with market volatility.

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Footnote

Participants using the Prudential IncomeFlex Target Calculator should consider other assets, income and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) when assessing the adequacy of the estimated income stream as provided by this tool. The Prudential IncomeFlex Target Calculator is hypothetical and for illustrative purposes only and is not intended to represent performance of any specific investment, which may fluctuate. There is no assurance that retirement income objectives will be met. It is possible to lose money by investing in securities.

The Prudential Day One® IncomeFlex Target® Funds are designed for use with Prudential IncomeFlex Target®, an in-plan guaranteed retirement income product, and are available as insurance company separate accounts under group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. PRIAC does not guarantee the investment performance or return on contributions to those separate accounts. PRIAC is solely responsible for its financial condition and contractual obligations. Availability and terms may vary by jurisdiction, subject to regulatory approvals. Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms and conditions. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Contract form #GA-2020-TGWB4-0805. For more information, participants should contact the Participant Service Center at 877-PRU-2100 (877-778-2100) and request a copy of the Prudential IncomeFlex Target Important Considerations before investing. PRIAC is a Prudential Financial company.

Retirement Counselors are registered representatives of Prudential Investment Management Services LLC (PIMS), Newark, NJ, a Prudential Financial company.

Prudential Retirement is a Prudential Financial Business.

This material is intended to provide information only. This material is not intended as advice or recommendation about investing or managing your retirement savings. By sharing this information, Prudential Retirement®is not acting as your fiduciary as defined by the Department of Labor or otherwise. If you need investment advice, please consult with a qualified professional.

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates. (California COA # 1179). Insurance products and services offered by Prudential Retirement Insurance and Annuity Company, Hartford, CT or The Prudential Insurance Company of America, Newark, NJ. Each company is solely responsible for its financial condition and contractual obligations. Securities products and services are offered through Prudential Investment Management Services LLC (PIMS), Newark, NJ. All companies, including Prudential Retirement, are Prudential Financial companies.

Guarantees are based on the claims-paying ability of the issuing insurance company and are subject to certain limitations, terms, and conditions.

In providing this information, Prudential Retirement is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity. Prudential Retirement may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Prudential mutual funds and other investment products or securities offered by Prudential Retirement or its affiliates. Investment vehicles sponsored or managed by a Prudential Retirement affiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement's sales personnel generally receive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement may benefit directly from the difference between investment earnings of Prudential Retirement's stable value funds and the amount credited to deposits in those funds. Prudential Retirement may also benefit from broker-dealer or other entities’ co- sponsorship of Prudential conferences.

Neither Prudential Financial, nor any of its representatives, are tax or legal advisors. You are encouraged to consult your individual legal or tax advisor with any specific questions.

© 2019 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.

For compliance use only: 1023016-00001-00

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