401k Toolbox’s advice program for participants is delivered by financial representatives in one-on-one, brief meetings using proprietary Web-based “On Track” retirement planner software, the company said in a news announcement.
A short analysis is done during the meeting that shows employees what their retirement income will look like based on their current savings, their current deferral, and time left to retirement.
When the employee is not on track, the adviser can
offer suggestions to improve the retirement outcome, to
include, according to the announcement:
- changing the asset allocation of the portfolios,
- increasing the amount deferred,
- postponing the age of retirement in order to save more, increase the social security benefit, and maintain health benefits with the current employer.
- looking at what it is likely to cost to live in retirement; and
- integrating additional assets into retirement calculations, along with the 401(k) assets to provide a true picture of their financial security
“The On Track Retirement Planner measures the success of a participant’s savings in the only way that matters – whether he or she is on track for a secure retirement,” the company said in the announcement.
More information is at https://www.401ktoolbox.com/toolbox/home.jsp