LifeStage Retirement Income enhancements include robust participant-friendly retirement income modeling with unique planning features such as an optional Social Security benefits bridge and longevity income protection using defined contribution retirement assets.

For Immediate Release

Contact: Julie Capozzi
Managing Director, Communications
(847) 866-4111
[email protected]

Glenview, IL – Wespath Benefits and Investments (Wespath) announces it has launched its enhanced LifeStage Retirement Income program, helping participants better realize their retirement dreams with fewer financial worries.

“We want retirees not merely to have adequate support in their golden years, but to thrive,” said Andy Hendren, Wespath CEO and General Secretary. “These innovative new features offer reassurance to retirees by helping to protect them from outliving their retirement savings.”

Living out its mission of “caring for those who serve,” Wespath revamped its LifeStage Retirement Income program to give participants with defined contribution account balances an opportunity to model scenarios and select optional features to help them make the most of the retirement income over their lifetime.

• A new interactive retirement income modelling tool uses account balances, life situation and investment profile data to help participants define the ideal retirement income scenario for them—with the flexibility to adjust throughout their retirement.
• An optional Social Security Bridge allows participants to model the impact of delaying receipt of Social Security benefits to take full advantage of the maximum Social Security benefits at age 70. Participants spend more of their retirement account balance earlier on, essentially “bridging” the financial gap that results from delaying the start date of their Social Security benefits. The bridge automatically levels off as Social Security benefits begin.
• The optional Longevity Income Protection feature helps protect participants against the risk of outliving their savings. Through a purchased deferred annuity contract (QLAC) set up through Pacific Life, participants are guaranteed a retirement income stream starting at age 80, regardless of how long the participant (and, if applicable, their spouse) live.

“Wespath is committed to helping participants live their lives to the fullest—which includes not having to worry about their finances in retirement,” said Martin Bauer, senior managing director, Wespath Benefit Plans. “The Life Stage Retirement Income program provides features few, if any, other financial services firms offer in a packaged manner.”

Participants enrolled in LifeStage Retirement Income have the benefit of having their LifeStage Retirement balance professionally monitored and managed by Wespath’s LifeStage Investment Management. “This platform is provided at no additional cost to our participants, and essentially puts their accounts on 'cruise control,'” said Dave Zellner, Wespath chief investment officer. “We’re able to automatically adjust investment allocations annually based on an individual participant’s risk tolerance and other factors, so they can focus on living out their retirement dreams instead of managing their retirement income. It’s a welcome program after they’ve dedicated their entire careers to the service of others.”

Visit the Wespath LifeStage Retirement Income page for more information.

About Wespath Benefits and Investments
Wespath Benefits and Investments (Wespath) is a not-for-profit agency that has been serving The United Methodist Church (UMC) for over a century. In accordance with its fiduciary duties, Wespath administers benefit plans and, together with its subsidiaries, including Wespath Institutional Investments, invests over $29 billion in assets on behalf of over 100,000 participants and over 100 United Methodist-affiliated institutions (as of December 31, 2021). Wespath invests in a sustainable manner that seeks to achieve positive financial, social and environmental impact while upholding the values of the UMC. Wespath maintains the largest reporting faith-based pension fund in the world. For additional information about Wespath Benefits and Investments, please follow us on Twitter, Facebook, Instagram, YouTube and LinkedIn.