Nationwide has started to use a financial projection engine from NewRetirement, a Mill Valley, California, developer of financial planning solutions, to help plan participants translate their savings into retirement income.
“We partnered with NewRetirement and designed enhancements to deliver better projections so participants can see what their retirement budget might look like,” said Eric Stevenson, president of Nationwide Retirement Solutions.
The new tool shows how a participant's assets could be distributed over time and illustrates how retirement income sources, including outside investments, retirement plan accounts, Social Security and pensions, work together.
The tool also considers future tax rates, includes an enhanced inflation calculation, and continues to provide hypothetical rates of return to help provide a more specific retirement outlook.
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