Help Your Clients Plan for Their Futures with Our Retirement Outlook Calculator

Workers are concerned that they are not saving enough money to last for their whole retirement. Bring them a sense of relief by helping them calculate how much they may need for the road ahead using the ePlan Services Retirement Outlook Calculator. Let’s take a closer look at how it works.

Key Takeaways:

• Knowing how much money to save for retirement can help give your participant clients peace of mind.
• The ePlan Services Retirement Outlook Calculator can help determine how much money your participant clients may need for retirement.
• You can guide your clients through the Other Retirement Assets and Advanced Assumptions sections of the calculator, potentially helping your clients save even more.

How the Retirement Outlook Calculator works:

The Retirement Outlook Calculator gives you a landscape of what your clients’ retirement could look like based on factors such as their salary, contribution rate, and savings goals. Access it on the ePlan Services Employee Dashboard, (also referred to as the main page), where you can find it in the Tools and Resources section.

When your clients who participate in an ePlan Services retirement plan schedule a consultation with you, you can guide them through their dashboard and input information about their:

• Plan contribution amount: The amount of money your clients currently contribute to their retirement account.
• Employer matching or profit-sharing contributions: Money that the employer contributes to the participant’s retirement account.
• Retirement age: Your client’s expected retirement age.
• Planned years in retirement: The estimation of how many years your client plans to be in retirement.
• Salary percentage for retirement: This is the percentage of their current salary your clients believe they will need for retirement.

Based on how the above fields are adjusted within the calculator, you’ll see an updated estimate of how much money your clients will need for retirement.

Need to get more granular? Add Other Retirement Assets:

• Outside retirement savings: Any accumulated savings participants have other than what’s in their retirement account.
• Outside monthly contributions: Contributions to other savings accounts unrelated to the participant’s retirement account.
• Outside partner contributions: Funds saved by the participant’s spouse.

Another area you can provide your clients with guidance in is the Advanced Assumptions section. This is where you can help your clients calculate their rate of return on investments as well as the estimated inflation percentage on those investments.  

Every factor you or your clients choose to adjust will have a significant impact on the estimated funds needed for their future.  

Encourage your clients to contribute early:

Once you’ve used the Retirement Outlook Calculator to determine your clients’ savings goal (or how much your clients may need for retirement), it would be wise to encourage them to start making their contributions as soon as possible. The sooner your clients contribute, the more time they will have to take advantage of compounding interest.

Not only will their own contributions mature over time, but contributions made to their accounts by their employers will mature as well. That means they’ll get additional funds on top of the funds they had strategically squirreled away!

Conclusions:

Helping your clients navigate the ePlan Services Retirement Outlook Calculator could go a long way in showing them that retiring comfortably and on time is possible.