Morningstar Retirement Manager is a managed-account service offered through defined-contribution retirement plans, helping plan participants decide how much to save, how to invest, when to retire, and how to draw down their balance. The service builds personalized portfolios using Morningstar's Total Wealth Methodology, which weighs salary, savings, age, household balances, and risk tolerance against asset-allocation and manager-selection research.

Morningstar acts as a 3(21) fiduciary on the advice service and as a 3(38) fiduciary on the discretionary management option, which lets plan sponsors offload investment-selection liability. Distribution runs through recordkeepers and plan sponsors who differentiate their benefits packages with personalized retirement guidance, and the offering is sold under the Morningstar Retirement brand alongside Plan Advantage, Target-Date Services, and Advisor Managed Accounts.