In the latest move in automated retirement income planning, TIAA has enhanced its Retirement Profile tool to analyze a client’s real-time account data and other information and then provide various scenarios to their monthly retirement income, also taking into consideration other income streams such as pensions or social security.
The tool offers three scenarios, according to TIAA. The first provides whether a client’s portfolio is “on track” to provide enough monthly income in retirement. The second is a TIAA-proposed strategy that will help clients work toward their retirement goals, such as adding annuities. The third is a custom strategy that provides the client an interactive area to adjust inputs and change monthly retirement income.
Each scenario includes a “probability of success” indicator to show the likelihood of them reaching those goals.