MILL VALLEY, Calif.–(BUSINESS WIRE)–NewRetirement, an innovator in hybrid financial planning, today announced that Nationwide has deployed the company’s financial projection engine to power its My Interactive Retirement Planner℠. Led by over 2 million active plan members as of August 23, 2022, the solution helps improve retirement readiness to more effectively visualize accrual and decumulation planning to provide a clearer path to and during retirement.
Most savers understand the value of investing in a defined contribution plan to accumulate savings for when they are ready to retire. However, it can be more difficult to visualize how their savings will translate into income in retirement.
To help plan participants meet this challenge, Nationwide has partnered with NewRetirement to deploy its comprehensive solution financial planning engine delivered through the API. The company’s technology provided the backbone needed to power the global calculations in Nationwide’s planner.
“We’ve partnered with NewRetirement and designed these enhancements to provide better projections so plan members can see what their retirement budget might look like,” said Eric Stevenson, president of Nationwide Retirement Solutions. “It’s critical that we communicate with plan sponsors and their members on an ongoing basis to help them think about things other than accumulating savings. It is equally important to help savers think about how their savings will translate into income at the payout stage.
Added functionality shows how a participant’s assets might be allocated over time and illustrates how sources of retirement income, including outside investments, retirement plan accounts, Social Security and pensions work together, putting even highlight the years when there may be a retirement income deficit or surplus. This information is powerful in helping to make more informed decisions. The enhanced calculation takes into account future tax rates, includes an improved calculation of inflation, and continues to provide hypothetical rates of return to help provide more accurate retirement prospects.
“NewRetirement is redefining the digital financial planning market with comprehensive technology, digital coaching and financial education to make lifelong financial planning accessible to everyone,” said Stephen Chen, Founder and CEO of NewRetirement. “We work with our enterprise customers before, during and after deployment to ensure their continued success and engagement with their end users. Nationwide is a great customer and partner reaching millions of people to better support their financial future. »
About NewRetirement
NewRetirement offers a hybrid financial planning solution for consumers and businesses, with software, digital coaching, training courses and expert human guidance. The comprehensive planning and modeling engine takes thousands of scenarios into account, allowing individuals to do comprehensive accumulation and decumulation planning with digital guidance, and at enterprise scale. The platform delivers a greater financial wellness advantage to employers and enables financial services organizations to take advantage of new business models, better preserve assets, and generate revenue with more engaged consumers. NewRetirement is used by millions of people and deployed with companies such as MarketWatch and Nationwide. For more information, visit www.newretirement.com/enterprise
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by AM Best and Standard & Poor’s. An industry leader in customer-focused innovation, Nationwide offers a full suite of insurance products and financial services, including auto, business, home, farm and life insurance; public and private sector pension plans, annuities, mutual funds and ETFs; excess & excess, specialty and surety; animal, motorcycle and boat insurance. For more information, visit www.nationwide.com. follow us on Facebook and Twitter.
My Interactive Retirement Planner℠ is a hypothetical compound example and is not intended to predict or project investment results of any specific investment. Investment returns are not guaranteed and will vary based on your investments and market experience. Assumptions do not include fees and expenses. If costs were taken into account, the return would be lower.
My Interactive Retirement Planner is a service mark of Nationwide Life Insurance Company. © 2022 Nationwide