After saving for years and years, what do you do with all that money when you retire? That is quite the hot question in the retirement savings industry, and American Century Investments believes it can provide the answers with its Portfolio Advisor investment planning service. The 48-year-old Kansas City, Missouri-based investment manager has added enhancements to the service -- powered by investment advisor Financial Engines and designed to help retirees safely spend, invest and extend their savings -- according to a release issued earlier this month.

Jim Bell, director of products and financial guidance at American Century, recognizes the importance retirement income.

"Overall, I think it's been a real hot thing in the industry," Bell told the MFWire in an interview. "We felt there was a need there."

Bell says the new service gives prospective and current retirees three pieces of information: "forecast of safe spending, how low it will last, and how much they will have at the end".

According to Bell, Portfolio Advisor was initially focused on accumulation when it was started, and now they are adding an emphasis on "drawdown".

The product is strictly for retail and direct investors, Bell said, not for retirement plans. It also looks not just at the client's American Century assets; it includes their whole portfolio in the evaluation. 

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