SunTrust believes that seeing a projected monthly retirement income figure flash on your computer screen will help inspire increased savings from its plan members.
With the release of its Projected Retirement Income Tool, SunTrust does just that.
Designed for its institutional 401(k) offerings, SunTrust's tool relies on real-time data and provides a quick calculation for potential retirement income. Unlike traditional online models, which require participants to enter data and use a calculator, the Projected Retirement Income Tool provides a clear picture of the investor's assets with minimal input from the user.
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Should the user want a more complete financial diagnosis, they can include additional factors such as Social Security, outside assets and pensions. The idea being that having better-informed participants is good for all.
"Retirement plan sponsors, regardless of size, want their employees to have access to better information in order to adequately prepare for retirement," said Brad Dinsmore, Consumer and Private Wealth Management executive at SunTrust. "Adding these new tools to our offerings is the latest demonstration of our ongoing commitment to provide clients and their employees with the advice and products that will help them achieve their goals."
Monthly balance totals can seem nebulous, but projected monthly income amounts provide a real-word picture of what retirement would look like.
A recent National Institute of Retirement Security survey reported Americans are about $14 trillion short on the savings needed to retire. The report also claimed 45 percent of working age Americans aged 55-64 have no retirement savings at all. PBS.org put the average household shortfall of retirement savings at $250,000 — and that figure includes Social Security.
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