In response to the growing need for individuals to confidently meet retirement goals, SunGard's MyRetirement income calculator now gives participants in employer-based, defined contribution plans the ability to determine sustainable spending amounts throughout their retirement years.
In addition, the tool helps retirement administrators increase business growth by differentiating their services to plan sponsors while facilitating greater participant engagement and incentive to maximize their retirement contributions.
"With the majority of Americans unprepared to fund their retirement, providers are placing a higher priority on offering retirement readiness support. SunGard's MyRetirement helps make retirement planning simple and automated for participants, from pre-retirement accumulation to income adequacy throughout retirement, while helping plan sponsors and providers achieve growth through increased participant contributions and differentiated services." - Jennifer Valdez, senior vice president & general manager, SunGard's wealth & retirement administration business
Accessible from SunGard's Relius Plan Participant web portal, MyRetirement uses data automatically extracted from SunGard's Relius Administration retirement record keeping system without requiring the participant to input additional information. For participants desiring a more personalized experience, MyRetirement provides the option to add personal data including outside holdings, preferred allocation, custom assumptions such as retirement age, social security benefits, and expected income.
A web-based component of SunGard's WealthStation Financial Planning, MyRetirement combines probability tools with Monte Carlo analyses to illustrate annual withdrawal rates from multiple model portfolios at different probabilities of success.