Bank of America’s Merrill Lynch wealth management division will provide clients with new retirement income-focused portfolios.

The portfolios will be offered to Merrill Guided Investing, the firm’s online investment advisory program, and Merrill Guided Investing with Advisor clients. They are intended to offer what BofA describes as “predictable income” over a 25-year period.

Investors will be able to select from several strategies, including “stable income” and “income and growth,” which will be designed and overseen by the firm’s chief investment office to provide clients with access to its asset allocation, portfolio construction, investment selection, and risk management capabilities, the bank explained.

The portfolios can make recurring distributions to a Bank of America checking account, as well as an outside bank or investment account.

According to the company’s 2023 workplace benefits report, 30% of employees were concerned last year about their ability to transition from saving money for retirement to spending money in retirement, up from 24% in 2021, and 30% were concerned about determining the correct withdrawal schedule and amount, up from 20% in 2021.

“The new income-focused portfolios are designed to help with concerns over outliving retirement savings by giving retirees the ability to control their income, while allowing for flexibility as life changes inevitably occur,” said Mark Granshaw, head of consumer investments product for Bank of America.