Tool Projects More Personalized Retirement Outcomes for
Participants
TSX/NYSE/PSE: MFC SEHK: 945
BOSTON, May 18, 2020 /PRNewswire/ - As part of its
enhancements to the online and digital experience for participants,
John Hancock Retirement has recently introduced a new digital tool
for individuals in its retirement plans to help them easily project
their own retirement readiness and model the impact of taking
different steps to improve it.
The retirement planner, located on the newly redesigned
participant website, goes beyond providing projections based on a
flat income replacement ratio. Instead it shows retirement
readiness based on an individual's personal projected spending in
retirement using key demographic and behavioral data points that
consider shifts in lifestyle over the course of one's
retirement. Helping participants better understand their
expenses in retirement allows them to implement the most
appropriate withdrawal strategy based on individual income sources
and needs such as health,* lifestyle and other assets.
"Despite recent market swings, we have found that clear
investment goals and a proactive plan can help participants put
short-term market fluctuations into context and continue to work
toward the retirement they want," said Patrick Murphy, CEO of John Hancock Retirement.
"The retirement planner addresses top concerns and satisfies the
needs of participants as they plan and prepare for retirement,
giving them a realistic and tangible retirement goal."
Using each participant's current retirement funds and savings
strategy, John Hancock's retirement
planner provides insight into longevity risk, future spending
patterns and predictive analytics to generate a personalized
projection of how income in retirement compares to the
anticipated costs over the course of the participant's retirement
years. Participants receive a personalized action plan with steps
that will help them get on track if they're behind or improve their
general financial health if they're retirement ready.
"We know from our research that more than half of participants
feel they are behind in savings for retirement – and 9 out of 10
participants agree that projections of their retirement
expenses would motivate them to save more. The retirement planner
has the potential to encourage greater engagement and to drive more
positive action resulting in better preparation for participants
when it comes to their retirement," said Sosseh Malkhassian, Head of Participant
Experience, John Hancock Retirement. "We're using customer-centric
design to enhance our participant experience and this tool makes
planning personal for each participant and provides suggested
contribution level guidance that can be easily implemented in just
two clicks."
Participants can also adjust and model several variables in the
retirement planner, such as when and where they plan to retire,
health status*, lifestyle, and outside savings, to see how
different inputs can impact their specific retirement outcomes.
According to John Hancock's most
recent Financial Stress Survey, 80 percent of participants have
given some consideration to potential wealth and health issues in
retirement. Addressing these considerations - the retirement
planner factors personal health data into both the analysis tool
and actual needs projection. This helps provide a unique, and more
accurate scenario for individual participants, rather than relying
on base assumptions using the same income replacement ratio for
everyone.
"Everything we do comes down to helping participants become
financially prepared for the retirement they want," continued Mr.
Murphy. "And in times of increased uncertainty, we want to
reinforce that having a plan is the very best way to stay focused
on what can be controlled and alleviate the stress that can
accompany the unknown."
*Health data is not retained due to privacy reasons, but the
impact of the health information is retained in the projection.
John Hancock Financial Stress Survey Methodology
The
2019 John Hancock Financial Stress survey was commissioned by
John Hancock and conducted by
Greenwald & Associates. An online survey of 3,547 John Hancock plan participants was conducted in
June 2019.
About John Hancock and
Manulife
John Hancock is a unit of Manulife
Financial Corporation, a leading international financial services
group that helps people make their decisions easier and lives
better. We operate primarily as John
Hancock in the United
States, and Manulife globally, including Canada, Asia
and Europe. We provide financial
advice, insurance and wealth and asset management solutions for
individuals, groups and institutions. Assets under management and
administration by Manulife and its subsidiaries were CAD$1.2 trillion (US$0.8
trillion) as of March 31,
2020. Manulife Financial Corporation trades as MFC on the
TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be
found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports more than 10 million
Americans with a broad range of financial products, including life
insurance, annuities, investments, 401(k) plans, and college
savings plans. Additional information about John Hancock may be found at
johnhancock.com.
About John Hancock Retirement
As of March 31, 2020, John
Hancock serviced over 51,000 retirement plans with over 3
million participants** and over $156
billion in AUMA.
**
|
Participant Counts
reflect all active participants with a balance.
|
About Manulife Investment Management
Manulife
Investment Management is the global wealth and asset management
segment of Manulife Financial Corporation. We draw on more than 150
years of financial stewardship to partner with clients across our
institutional, retail, and retirement businesses globally. Our
specialist approach to money management includes the highly
differentiated strategies of our fixed-income, specialized equity,
multi-asset solutions, and private markets teams—along with access
to specialized, unaffiliated asset managers from around the world
through our multimanager model. Our personalized, data-driven
approach to retirement is focused on delivering financial wellness
in retirement plans of all sizes to help plan participants and
members retire with dignity.
Headquartered in Toronto, we
operate as Manulife Investment Management throughout the world,
with the exception of the United
States, where the retail and retirement businesses operate
as John Hancock Investment Management and John Hancock, respectively; and in Asia and Canada, where the retirement business operates
as Manulife. Manulife Investment Management had CAD$832 billion (US$586
billion) in assets under management and
administration.* Not all offerings are available in
all jurisdictions. For additional information, please visit our
website at manulifeinvestmentmgt.com.
*
|
MFC financials in
CAD. Global Wealth and Asset Management AUMA as of March 31, 2020,
was $832 billion and includes $195 billion of assets managed on
behalf of other segments and $139 billion of assets under
administration.
|
John Hancock Distributors LLC Member FINRA, SIPC 200 Berkeley
Street Boston, MA 02116
800-225-6020
jhinvestments.com
John Hancock Retirement Plan Services, LLC• 200 Berkeley Street
• Boston, MA 02116
NOT FDIC INSURED. MAY LOSE VALUE. NOT BANK GUARANTEED.
© 2020 John Hancock. All rights reserved.
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SOURCE John Hancock Retirement