Bank of America announced its Merrill investment advisory program is offering new income-focused portfolios for retirees to offer predictable income over a 25-year period. The service is available for Merrill Guided Investing and Merrill Guided Investing with Advisor clients, according to a press release.

Investors can choose strategies such as stable income or income and growth. Clients must have a minimum of $50,000 in assets for the account. All portfolios are designed and managed by the chief investment office.

"For many, the fear of outliving retirement assets can be overwhelming," Matt Gellene, head of consumer investments and employee banking and investments at Bank of America, said in the release. "Having a predictable monthly income replacement vehicle helps retirees enjoy this phase of life with greater confidence in their long-term financial security."

"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," Mark Granshaw, head of consumer investments product for Bank of America, said in the release.

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