The tool, My Retirement Outlook, provides both a retirement and a paycheck analysis function for users. It also integrates three main retirement income streams into the calculation: 1) traditional pension plan (defined benefit) assets, 2) Social Security benefits and 3) personal savings, according to ING.
"At ING, we're always listening to the needs of our business partners and customers in order to make planning for retirement easier,” says Dan Hanlon, SVP of public market sales for ING U.S. Retirement Services. "Many educators tell us they don't fully understand the interaction between various savings and income sources, such as their 403(b) plans, Social Security and traditional pension benefits. We developed My Retirement Outlook to address these questions, and to provide a more holistic approach to the planning process."
My Retirement Outlook integrates pension benefits along with Social Security benefits and personal savings into the equation. In the retirement portion of the tool, users can estimate how much they need to save annually—and per paycheck—in order to reach their financial objectives. In the paycheck portion they can see how various savings amounts will impact their take-home pay today.
