New York — Financial services application services provider Newkirk has rolled out two new retirement payout estimators for retirement plan providers.
While the company has offered a calculator that demonstrates the benefits of saving, the new calculators focus on the amount of funds available on a month-to-month basis for withdrawal after retirement. The calculator is available in a printed or online version.
The 4 in. x 9 in. printed slide calculator, which is available with a custom imprint, presents two retirement payout scenarios: “How much can I withdraw?” allows individuals to select their projected retirement balance and their number of planned years in retirement. The calculator will provide the amount of funds available for withdrawal without prematurely exhausting the account based on one of three rates of return.
The “How long will my money last?” scenario projects how long a participant’s retirement income should last based on the participant’s anticipated balance, desired monthly income and anticipated number of years in retirement.
The online version of the calculator includes the two scenarios, plus a projection of how much money users will need at retirement given their expected needs, the anticipated number of years in retirement, the anticipated rate of return, and the rate of inflation.
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