Benefit Consultants Group, a Horace Mann company, has introduced MyRetirement, an interactive retirement income calculator that helps simplify retirement planning and automate it for participants.
MyRetirement illustrates retirement plan participants’ spending levels in retirement so they can make informed decisions regarding their retirement planning. Participants can log into their account and find MyRetirement on the homepage.
With the calculator, participants can:
- quickly assess their retirement readiness and opportunities for improvement;
- calculate personal retirement income;
- bypass tedious data entry;
- personalize their plan for retirement by including additional data; and
- see a total retirement picture, with a consolidated view, illustrating their plan for retirement and any inputted outside accounts.
Benefit Consultants Group says the tool can be used by participants and plan advisers to clarify a retirement outlook based on a person’s current retirement plan. In addition, the tool will show a participant what will happen to their outlook if they change their contribution rate.
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