The new tools, MyView and MyView Plus, provide an interface to highlight a participant’s current savings strategy and potential retirement income, according to a Mercer news release.
The MyView Retirement Planner is an online tool that automatically populates certain personal data points that are kept on file by the recordkeeper, such as salary, current account balance, and other demographic-type information. It then allows users to create a variety of financial scenarios by sliding tabs to increase or decrease such inputs as current and anticipated retirement age, annual income, employee contribution rate, employer match, anticipated pension income, and other possible sources of retirement income.
The MyView Plus Retirement Planner offers greater customization and modeling power for those who want a more in-depth view of retirement income scenarios, the news release said. In addition to the information found in the basic MyView tool, users can input a broad array of investments and assets from accounts other than the workplace DC plan, including spousal savings and income as well as details about post-retirement expenses. Users then receive a detailed chart that compares future income and expenses with total savings and anticipated length of retirement.
Both MyView and MyView Plus reside on Mercer’s secure, password-protected participant Web site, the company said.