The funds suite is designed for investors who are already in retirement, who plan to retire in the near future or who expect to begin withdrawing their invested funds soon.
The planned suite of retirement income funds include Putnam Retirement Income Fund Lifestyle, Putnam Retirement Income Fund Lifestyle, and Putnam Retirement Income Fund Lifestyle, and these are expected to have broad applicability for defined contribution, IRA, and other retirement assets
Putnam said that these new funds will be accompanied by a new, prescriptive planning tool to help guide advisors and clients in creating a range of personalized income strategies drawing from their retirement savings.
The planned retirement funds, combined with the planning tool, will allow risk levels and withdrawal rates to be customized and regularly updated to meet individuals’ needs and evolving circumstances.
The funds are expected to be launched in their entirety by midyear and the tool will be at or near the funds’ launch, subject to regulatory review.
Putnam CEO and president Robert Reynolds said that Putnam is seeking to address the breadth of retirees’ ever-changing lifestyle income needs and full range of risk tolerance by offering clear guidance on withdrawal rates that can be adjusted regularly, as markets and their own life circumstances change.
The funds will be managed by Jeffrey Knight, Putnam’s head of global asset allocation; Robert Kea, with 23 years of industry experience, who joined Putnam in 1988; and Robert Schoen, a 22-year industry veteran who joined Putnam in 1997.
