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Retirement Planning > Retirement Investing

Three New Retirement Income Planning Tools

By Ed McCarthy, CFP, RICP

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Here are the details on three recently released technologies that you might want to consider in your work with clients.

Annuity Intelligence Report’s search and sorting tool for variable annuity benefit from Advanced Sales & Marketing Corporation.

This new “benefit selector” feature allows users to filter VA riders based on key criteria.

Registered reps can find a product solution from among hundreds of active riders in the system. The tool allows users to save time, eliminate clutter, and efficiently drill down to find the benefits that fit a client’s needs.

For example, enter a client’s age, and the benefit selector will give the guaranteed withdrawal percentages for hundreds of living benefits, sorted from highest to lowest.

Overall, this tool alleviates the biggest problem with living benefits, which is understanding and tracking the numerous product details like step-up provisions, withdrawal rates, age bands, spousal continuation features, etc.

Lifetime Income Analysis Tool from Putnam Investments

Putnam’s Lifetime Income SM Analysis Tool is designed to help 401(k) plan participants project how much income their current retirement savings may generate in retirement compared to what they may need; it also suggests actionable next steps.

The tool also allows plan participants to determine if they are on track to have sufficient income to maintain their current lifestyle once they stop working.

Social Security Income Planner from JASUBA LLC

The software models different strategies that you may wish to consider with calculation results provided in future dollars.

Users also have the option of running the calculations assuming each Social Security dollar begins earning investment return rate at the end of the year that it is received or discounting the Social Security cash flows by a chosen discount rate.

They can also enter the ages they wish to model for claiming benefits and look at the lifetime impact of making those choices.

The software also produces a report which highlights the chosen strategy, any spousal, ex-spouse or survivor benefits users may be eligible for and includes the dates that users will want to file for each type of benefit based on that strategy.

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