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The Value of Personalized GuidanceTheValueofPersonalizedGuidance

Sep 2, 2024

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Plan sponsors are increasingly focused on helping defined contribution (DC) participants get not only to, but through, retirement. Our latest DC Landscape Report suggests that most DC plans, though, are still in the early stages of learning about retirement income strategies and have yet to begin to evaluate, or select, a retirement income solution or product.

When it comes to accumulation, guidance around investing and saving is relatively generalized, with target-date funds being the most common default investment and plans with automatic enrollment relying on a single default savings rate for the entire plan. This perspective carries over into some retirement income solutions, such as managed payout funds, or the retirement income vintage of a target-date series, where there is a single allocation and assumed spending level for participants who are the same age.

We think personalization becomes increasingly important as someone moves through the lifecycle, especially in retirement. As we demonstrate in this research, providing personalized guidance around optimal portfolio risk levels and spending (i.e., portfolio withdrawal) amounts can notably improve expected retirement outcomes for participants. Our analysis is not intended to suggest that DC plans should necessarily stop offering commonly used retirement income solutions, such as Stable Value or some type of multi-asset retirement strategy (e.g., the retirement income vintage in a target-date series), but rather DC plan sponsors should consider making available to participants a suite of options they can use to personalize their retirement journey based on their unique situation and preferences if or when they wish to engage.

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All investments involve risk, including the possible loss of capital.

PGIM DC Solutions LLC ("PGIM DC Solutions") is an SEC-registered investment adviser, a Delaware limited liability company, and an indirect wholly-owned subsidiary of PGIM, Inc. ("PGIM"), the principal asset management business of Prudential Financial, Inc. ("PFI") of the United States of America. Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

The content and materials presented here are for informational, illustrative and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. The information presented is not a recommendation about managing or investing retirement savings and does not take into account individual investment objectives or financial situations.

PGIM DC Solutions aims to help participants achieve their retirement goals through their suite of “PGIM RetireWell™” solutions. These solutions may include a range of investment options including target date portfolios, retirement income strategies, and managed accounts that can be coupled with our proprietary advice engine. There is no guarantee that investment or retirement goals will be achieved.  Use of the term “RetireWell” and any related phrase is not intended to indicate that such- goals will be achieved.

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