Fidelity Investments, a Boston-based financial services company whose specialties include retirement savings plans, announced the availability of Income Simulator for Fidelity NetBenefits participants.
The simulator is an online tool that gives employees a snapshot of how much estimated monthly income their current savings strategy might generate for their household relative to their retirement goals, Fidelity said in a press release.
The simulator is part of Fidelity’s workplace participant experience, Plan for Life. It uses a modeling engine to incorporate potential earnings from not only accounts held at Fidelity – such as defined contribution plans, health savings accounts, and IRAs – but also other possible retirement income sources, such as Social Security and previous employer pensions.
“Successfully helping employees plan for retirement is one of the most important goals of workforce management,” Tom McGirr, senior vice president of workplace solutions at Fidelity Investments, said in a statement. “Plan sponsors want user-friendly, yet intelligent, planning solutions so their employees can turn meaningful guidance into next steps to help them meet their retirement goals. Income Simulator is designed to help them do just that.”
The enhanced offering will be available to all of Fidelity’s 15.8 million workplace participants through NetBenefits.com by spring 2013, and it allows participant to visualize how a few small changes may make a big difference in helping them achieve their retirement savings goals by modeling multiple “what if” scenarios.