MetLife Retirement & Savings has released MetLife’s Income Meter, a new income planning tool to provide individuals with calculations on how much income their savings will generate and how long that income will last, according to a news release. Features of the Income Meter include:
- questions on saving and retirement date to guide user to the appropriate planning tool.
- for those still saving for retirement, a projection on how much they should save to provide their desired level of income.
- for individuals getting ready to retire, information on the amount of income they can expect from their savings and how long it will last.
- actuarial data to illustrate the likelihood of the user outliving their retirement savings.
The online Income Meter is designed to jump-start the planning process for people who have done little or no in-depth retirement planning. The calculator can be accessed at http://myretirement.metlife.com .