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Bank of America’s approach to retirement planning has apparently struck a chord. 

For decades, workers with 401(k) plans have largely been responsible for figuring out how much to save, where to invest the money, and eventually, how to turn those savings into retirement income. 

Increasingly, they appear to be looking for more help.

Bank of America said its Personal Retirement Strategy (PRS), a digital advisory program offered through workplace retirement plans, has surpassed $100 billion in total assets. The program was launched in 2021 and combines retirement planning tools, personalized investment recommendations, and for those who choose it, professional portfolio management.

More than $10 billion of the total is now managed through Merrill Managed, an optional service that provides professional portfolio management for an additional fee, according to the company.

The growth provides another indication that workers want more than a collection of mutual funds when they participate in an employer’s retirement plan. Bank of America’s 2026 Workplace Benefits Report found that 70% of respondents identified saving for retirement as their primary financial goal.

“Retirement planning is complex,” John Quinn, managing director of Workplace Benefits at Bank of America, said in announcing the milestone. He said employees are placing greater value on personalized retirement guidance.

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More personalized advice

Personal Retirement Strategy is available to employees whose 401(k) plans are on Bank of America’s recordkeeping platform and whose employers offer the program.

Instead of giving every worker the same investment choices or recommendations, PRS considers a participant’s financial situation, retirement goals, and investment preferences. Workers can use the system to model different scenarios and see how changes in saving or investing could affect their projected retirement income.

Participants have several options. They can manage their investments themselves, use the asset-allocation recommendations generated by PRS, or enroll in Merrill Managed.

The managed option continuously monitors and rebalances portfolios based on a participant’s goals, according to Bank of America. The company says Merrill Managed has accumulated more than $10 billion in assets in about five years.

For consumers, however, personalized management isn’t necessarily free. Bank of America says Merrill Managed carries an additional fee. Workers considering managed-account services should compare those costs with the fees they are already paying inside their retirement plan.

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The other retirement problem

Saving enough money is only one part of retirement planning. Retirees also have to decide how quickly they can spend it without running out.

Bank of America moved further into that area in November 2025 when it introduced 401k Pay, a feature integrated with Personal Retirement Strategy. The service is designed to help retirees turn their accumulated 401(k) balance into a regular stream of income.

The tool recommends withdrawal amounts, estimates how long withdrawals could last, and allows retirees to test different scenarios. Participants can also establish recurring payments from their 401(k).

The calculations can take into account factors such as cost-of-living adjustments, federal and state taxes, and required minimum distributions.

That could become increasingly important as responsibility for retirement income continues to shift from employers to individuals. Traditional pensions generally promised retirees a monthly check for life. With a 401(k), the worker accumulates a pool of money and usually has to determine how to convert it into sustainable income.

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What workers should keep in mind

Personalized retirement tools can simplify some of those decisions, but projections aren’t guarantees.

Bank of America notes that PRS uses a probabilistic approach to estimate whether participants are likely to accumulate enough assets to reach their retirement-income goals. Investment returns and future market conditions can turn out differently from the assumptions used in those projections.

Workers should also consider their risk tolerance, retirement timeline, and fees before accepting investment recommendations or enrolling in professional management.

Still, the rapid growth of Bank of America’s program suggests workplace retirement plans are evolving. Instead of focusing only on helping employees accumulate the largest possible account balance, providers are increasingly trying to answer a more practical question: How can those savings be turned into enough income to last throughout retirement?