Trust Builders, Inc. has released Paycheck Calculator, a suite of three calculators to be used with its TRAK-Online retirement readiness portal. The three calculators, all designed for advisers to use with participant clients, are: Paycheck Analysis, 1040 Analysis and Projections.
Paycheck Calculator allows advisers to show participants how
their retirement accounts will accumulate until retirement, where to find
additional funding for retirement and how much retirement income to expect.
The 1040 Analysis Calculator helps advisers identify additional sources for retirement contributions. For example, if a participant receives a federal tax refund, the calculator can show how if that refund was avoided through additional paycheck deductions, those deductions could better be invested in the client’s retirement account.
The Projections Calculator lets advisers show participants both the accumulation and distribution of funds in a retirement account and can also link to other accounts the participant holds, so that they can have a more holistic financial picture.
“Helping advisers educate clients has always been our mission,” says Edward Dressel, president of Trust Builders. “And now with the addition of the Paycheck Calculator to TRAK-Online, advisers can easily illustrate how changes in retirement plan contributions affect clients’ take-home pay today and their retirement savings down the road. This engages individuals and changes the whole conversation.”