Lifetime Income Illustration Tool
Estimate the income you may get from your savings once you retire
You've saved for retirement, but have you ever wondered how much income you may get from your savings once you retire? And if you are a business owner offering a retirement plan, do your employees understand what their savings might give them in income? If they understood would they save more? Would they appreciate the plan more? Let's find out.
Use the lifetime income illustration tool powered by Convergent to estimate retirement income based on age and savings to date. You can use it for yourself or provide estimates for all of your employees. You will need each employee's month and year of birth, plus the 12/31 prior year-end account balance. The Department of Labor has proposed legislation requiring that 401k, Profit Sharing, and/or Money Purchase Pension plan employers provide an annual estimate to employees, but using the tool for any retirement plan may benefit you today.