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Financial Engines Helps Near-Retirees Increase Retirement Income with New Social Security and Income Planning Services

Jun 08, 2014

SUNNYVALE, Calif.--(BUSINESS WIRE)--Jun. 18, 2014-- Financial Engines, America's largest independent investment advisor1 (NASDAQ: FNGN), today announced it is offering integrated Social Security and income planning services to help near-retirees maximize their household income in retirement. The new integrated offering, which helps near-retirees use their 401(k)s and IRAs to increase Social Security benefits, is available online and through Financial Engines' advisor representatives to over 1.1 million participants at 34 large plan sponsors, including, Akzo Nobel, HD Supply, Motorola Solutions, Sargent & Lundy, Teradyne and UL. In addition, the company will be making the interactive Social Security planner available at no charge to all Americans on

“Social Security is incredibly complex, and most people miss out on tens of thousands of dollars in benefits because they don’t have anyone to help them figure out the best way to claim,” explained Christopher Jones, Financial Engines' chief investment officer. “By considering Social Security in combination with your 401(k), you can unlock hidden value and dramatically increase your retirement income.”

Financial Engines is making the services available to employers offering Income+, the leading retirement income solution for 401(k) plans. Record keepers currently or committed to supporting Income+ with Social Security and income planning services include Aon Hewitt, Mercer and Xerox. There are no additional fees for employers or employees.

Over the past three months in limited release, the services have identified more than $500 million in additional Social Security benefits available for near-retirees2. The median amount of additional benefits found for a typical married couple is well over $100,000.

Making the Most of All Retirement Income Sources

Unlike most Social Security services that treat Social Security as an isolated, individual decision, Financial Engines’ Social Security service creates personalized strategies that account for multiple income sources and the realistic life expectancies of both spouses in a married household. Treating Social Security as a household decision rather than an individual one is especially important to protect the financial security of the spouse who lives the longest.

Users can consider different strategies and receive a clear, personalized retirement income plan based on Financial Engines’ patented Income+ methodology. The comprehensive plan includes multiple income sources, including part-time work and pensions, and shows how retirement savings in a 401(k) or IRA can be converted into income to help defer Social Security.

“Delaying Social Security is a screamingly good deal, especially in today’s low interest rate environment,” explained Jones. “For each year participants defer claiming Social Security, they receive a 6-8 percent increase in lifetime benefits, under current conditions, which can make a big difference in their quality of life in retirement.”

In addition, all participants with access to the new services through their employers can talk with a Financial Engines advisor certified by the National Social Security Advisor program at no additional cost. Advisors can create Social Security and income plans, answer questions and even share their screens so individuals can see the plans take shape in real time.

Making Social Security Claiming Guidance Available for Free to All Americans

Beyond enhancing its offering through employers and recordkeeping partners, Financial Engines is taking an extra step to make its Social Security planner available to the public at no charge.

“Deciding when to claim Social Security is the most important retirement decision most people will make,” said Jeff Maggioncalda, CEO of Financial Engines. “We wanted to do something meaningful by providing everyone with access to Social Security help so that they can make the most of what they have.”

To try Financial Engines’ new Social Security planner and receive a personalized Social Security plan, visit

About Financial Engines: (NASDAQ: FNGN)

Financial Engines, America's largest independent investment advisor3, is dedicated to making high-quality retirement help available to everyone — regardless of how much money they have. We’re proudly independent, which means we don’t sell products or earn commissions based on our investment recommendations. The companies that choose to work with us offer our services to their workers as a valuable employee benefit.

Co-founded in 1996 by Nobel Prize-winning economist Bill Sharpe, Financial Engines currently offers personalized advice for saving, investing and living in retirement to millions of workers nationwide.

Some people love the challenge of investing. Others prefer to focus their time elsewhere, but everyone needs to plan for retirement. Whatever their interest level in investing, Financial Engines combines cutting-edge technology and a personal, human touch to help all types of investors reach their retirement goals. For more information, visit

All advisory services provided by Financial Engines Advisors, L.L.C., a federally registered investment advisor and wholly-owned subsidiary of Financial Engines, Inc. Financial Engines does not guarantee future results.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the use of professional investment and financial planning help, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are outlined in our SEC filings. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. Unless required by law, Financial Engines undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

1 For independence methodology and ranking, see InvestmentNews RIA Data Center. (

2 Please go to for further information.

3 For independence methodology and ranking, see InvestmentNews RIA Data Center. (

Source: Financial Engines

Financial Engines
Mike Jurs, 408-498-6590
Alexandra Gardell Kreuter, 646-428-0618