Summary
Bank of America is launching a new platform called '401k Pay' on November 17. This tool helps people convert their 401(k) retirement savings into regular income after they retire. The service is available at no extra cost to participating businesses and their employees.
Key Facts
- '401k Pay' is designed to help people turn their 401(k) savings into steady retirement income.
- The platform will be available starting November 17.
- It offers features like flexible payment options and real-time income tracking.
- Over 70 million customers and small businesses in the U.S. can access the new tool.
- The service is free for businesses and employees who use Bank of America's retirement programs.
- A Bank of America report shows 36% of workers want better retirement planning resources.
- The tool was created with input from Bank of America's corporate clients to address workers' needs on retirement income.
