Retirement planning software developer RetireReady Solutions has added an income allocation feature to its The Retirement Analysis Kit (TRAK) software, to better help advisers engage and motivate plan participants toward retirement readiness.
Called the Bucket Strategy, it enables the adviser to show participants how their savings could be broken down into time-segmented portions, or buckets, which can be customized, e.g., according to accumulation and distribution rates of return, annual fees, and surrender fees; whether the product solutions are fixed, fixed-indexed or variable; whether the accounts are qualified, nonqualified or mixed, etc. The program also provides him with reports and visual illustrations to help him with the modeling.
According to the company, the adviser can use the bucket strategy as “part of a complete retirement plan” that also factors in other assets and income sources such as Social Security and pension income.
“With our new Bucket Strategy feature, advisers can model a strategy that’s easy for clients to understand,” says Edward Dressel, president of RetireReady Solutions.