Makes Personalized Social Security Claiming Plans Available to All
Americans at No Charge
SUNNYVALE, Calif.--(BUSINESS WIRE)--Jun. 18, 2014--
Financial Engines, America's largest independent investment advisor1
(NASDAQ: FNGN), today announced it is offering integrated Social
Security and income planning services to help near-retirees maximize
their household income in retirement. The new integrated offering, which
helps near-retirees use their 401(k)s and IRAs to increase Social
Security benefits, is available online and through Financial Engines'
advisor representatives to over 1.1 million participants at 34 large
plan sponsors, including, Akzo Nobel, HD Supply, Motorola Solutions,
Sargent & Lundy, Teradyne and UL. In addition, the company will be
making the interactive Social Security planner available at no charge to
all Americans on www.financialengines.com.
“Social Security is incredibly complex, and most people miss out on tens
of thousands of dollars in benefits because they don’t have anyone to
help them figure out the best way to claim,” explained Christopher
Jones, Financial Engines' chief investment officer. “By considering
Social Security in combination with your 401(k), you can unlock hidden
value and dramatically increase your retirement income.”
Financial Engines is making the services available to employers offering
Income+, the leading retirement income solution for 401(k) plans. Record
keepers currently or committed to supporting Income+ with Social
Security and income planning services include Aon Hewitt, Mercer and
Xerox. There are no additional fees for employers or employees.
Over the past three months in limited release, the services have
identified more than $500 million in additional Social Security benefits
available for near-retirees2. The median amount of additional
benefits found for a typical married couple is well over $100,000.
Making the Most of All Retirement Income Sources
Unlike most Social Security services that treat Social Security as an
isolated, individual decision, Financial Engines’ Social Security
service creates personalized strategies that account for multiple income
sources and the realistic life expectancies of both spouses in a married
household. Treating Social Security as a household decision rather than
an individual one is especially important to protect the financial
security of the spouse who lives the longest.
Users can consider different strategies and receive a clear,
personalized retirement income plan based on Financial Engines’ patented
Income+ methodology. The comprehensive plan includes multiple income
sources, including part-time work and pensions, and shows how retirement
savings in a 401(k) or IRA can be converted into income to help defer
“Delaying Social Security is a screamingly good deal, especially in
today’s low interest rate environment,” explained Jones. “For each year
participants defer claiming Social Security, they receive a 6-8 percent
increase in lifetime benefits, under current conditions, which can make
a big difference in their quality of life in retirement.”
In addition, all participants with access to the new services through
their employers can talk with a Financial Engines advisor certified by
the National Social Security Advisor program at no additional cost.
Advisors can create Social Security and income plans, answer questions
and even share their screens so individuals can see the plans take shape
in real time.
Making Social Security Claiming Guidance Available for Free to All
Beyond enhancing its offering through employers and recordkeeping
partners, Financial Engines is taking an extra step to make its Social
Security planner available to the public at no charge.
“Deciding when to claim Social Security is the most important retirement
decision most people will make,” said Jeff Maggioncalda, CEO of
Financial Engines. “We wanted to do something meaningful by providing
everyone with access to Social Security help so that they can make the
most of what they have.”
To try Financial Engines’ new Social Security planner and receive a
personalized Social Security plan, visit www.financialengines.com.
About Financial Engines: (NASDAQ: FNGN)
Financial Engines, America's largest independent investment advisor3,
is dedicated to making high-quality retirement help available to
everyone — regardless of how much money they have. We’re proudly
independent, which means we don’t sell products or earn commissions
based on our investment recommendations. The companies that choose to
work with us offer our services to their workers as a valuable employee
Co-founded in 1996 by Nobel Prize-winning economist Bill Sharpe,
Financial Engines currently offers personalized advice for saving,
investing and living in retirement to millions of workers nationwide.
Some people love the challenge of investing. Others prefer to focus
their time elsewhere, but everyone needs to plan for retirement.
Whatever their interest level in investing, Financial Engines combines
cutting-edge technology and a personal, human touch to help all types of
investors reach their retirement goals. For more information, visit www.financialengines.com.
All advisory services provided by Financial Engines Advisors, L.L.C., a
federally registered investment advisor and wholly-owned subsidiary of
Financial Engines, Inc. Financial Engines does not guarantee future
This press release contains forward-looking statements, including
statements regarding the use of professional investment and financial
planning help, which involve risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties are
outlined in our SEC filings. You are cautioned not to unduly rely on
these forward-looking statements, which speak only as of the date of
this press release. Unless required by law, Financial Engines undertakes
no obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this press release or
to report the occurrence of unanticipated events.
1 For independence methodology and ranking, see InvestmentNews
RIA Data Center. (http://data.investmentnews.com/ria/).
2 Please go to financialengines.com
for further information.
3 For independence methodology and ranking, see InvestmentNews
RIA Data Center. (http://data.investmentnews.com/ria/).
Source: Financial Engines
Mike Jurs, 408-498-6590
Gardell Kreuter, 646-428-0618