Add a new entrant to the growing pool of payout funds, which aim to help retirees convert their nest eggs into a steady stream of monthly income. Today, Charles Schwab announced plans for its version, simply called Monthly Income funds:
Schwab says it can adjust the funds' stock and bond weightings depending on market conditions. Annual expenses for the funds, which are made up of an underlying mix of stock and bond funds, will range from 0.66 percent to 0.76 percent. The funds will commence operations on March 28, according to Schwab.