In contrast to other retirement investment products, annuities are complex in nature and have many distinct features and uses within a retirement savings strategy. While offering detailed annuity product pages and educational content on the public site is important, explanations alone cannot always convey the power of tax-deferral over time or which annuity type is the right fit for each prospect. Annuity tools and calculators bring these and other benefits of annuities to life and help inform prospects’ retirement investment decisions. This Annuity Monitor Report reviews coverage group firms’ public site annuity-focused tools and calculators.
Of the 19 firms in the coverage group, only 10 provide annuity-related tools or calculators. Of these, annuity tax advantage calculators and retirement planning and product selection tools are the most widely offered. Though most of the firms provide tax information or retirement planning suggestions, only four offer product or product type suggestions, which can be particularly helpful for prospects unfamiliar with annuities. Tools’ input interfaces vary in terms usability, but their results generally provide quality analysis and explanations. All firms include data tables, 70% provide graphs and 40% offer dynamically updating visuals. Top firms stand out for their input interfaces and result display as well as the level of detail and customizability they provide in their results.