The market crash of 2008 prompted many individuals to learn more about and take better control of their retirement assets. Because of this trend, many companies offer online tools to help plan participants plug in numbers and see just how well they have planned for retirement.
Retirement calculators are blossoming all over the Web, and even though they all seem to use different criteria to figure out just where you stand, they all serve one purpose, to spur participants to some sort of action, said David Bernard, executive vice president of strategic relationships at GuidedChoice.
He added that different companies manage success differently. Mutual fund managers gauge their success by the assets they are able to attract and the returns they are providing. “In our world it is a little different. The funds we have are predetermined by the plan sponsors and it is hard to compare one person’s results with another person’s results at another company. The real measure of success has to deal with, were we able to spur action? Did we get them to focus on the topic, get them to increase their saving rate?” he said.
The true measure of success is if plan participants begin investing in a more efficient and effective manner.