June 2019 – Are Your Clients Prepared?: Retirement Income and Planning Tools

Retirement is a daunting reality for most Americans—increasing longevity, healthcare costs and employment instability contribute to retirement fears, as 46% of pre-retirees believe they will not have enough money to retire. According to a 2018 survey by Prudential, 40% of pre-retirees are not sure how much money they will need in retirement, while 25% are not sure how much they are currently saving. For these reasons, advisors place a lot of value on effective retirement resources. According to our 2018 Financial Advisor survey, 69% of advisors reported that retirement readiness calculators were “very important” or “extremely important” to them, the highest top-two box importance score among the tools available online. This report focuses on how firms help advisors estimate client retirement income, required minimum distributions and Social Security benefits through retirement tools. We review the site positioning, tool inputs and tool results of each firm’s offering, assessing how results consider client profiles and present findings. We last covered this topic in March 2015.

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