NU Online News Service, Jan. 30, 10:19 a.m. – LIMRA International, Windsor, Conn., has worked with two other groups to gauge the state of retirement planning software.
The researchers used six hypothetical scenarios to test six programs designed for consumers and 13 designed for professional advisors.
The researchers found that the programs gave a wide range of answers about when retirees would run out of money.
The programs also varied in their ability to handle situations such as home ownership and the prospects for two-earner couples with two sets of benefits, LIMRA says.
The researchers felt that some of the programs did a poor job of explaining the risks consumers might face after retirement.
LIMRA researchers worked on the report with researchers from the Society of Actuaries, Schaumburg, Ill., and the International Foundation for Retirement Education, Dunn Loring, Va.