The 7 Best Retirement Planning Tools for HR Managers


In the everyday workspace, it is difficult for employees to envision a future where they might have retired. The inflated cost of living and wages that don’t match it make it hard to imagine what saving for life in retirement should be or even how to start planning for it. To help employees manage their finances after retirement, HR managers can introduce retirement planning tools as a wellness initiative in their organizations. These help employees work on their future financial goals and can earn satisfied and productive employees of the organization.

How Retirement Planning Tools Help Employees

Retirement planning tools, as the phrase implies, are digital platforms specifically used to manage and monitor the amount of employee savings and the corpus they will need to retire comfortably. However, many employees may not have a full understanding of the various features these tools can offer.

For example, many of these tools will pool data from your various sources of income and lay out a plan for projected expenses, and how much of those expenses will be covered by your Social Security benefits.

While most banks and investment firms have these tools available, HR managers can also consult independent retirement planning tools for their employees to ensure they are making informed decisions about their retirement benefits. HR teams should also guide employees to assess tools based on their retirement needs. Whether it’s a deep and comprehensive overview or a quick look at their potential retirement plans, research can help employees find the best retirement planning tools.

Common retirement planning tools for employees

Here are some of the best retirement planning tools HR managers can share with employees in their organization:

1. Personal capital

Personal Capital’s retirement planner can be used to calculate whether your retirement planning is on track and what improvements can be made to it for greater success. The awesome features of this platform include a recession simulator (1) which measures the impact of your savings in the event of a stock market crash or economic downturn. It also offers scenario analysis that can show different ways to achieve early retirement, future costs, social security and/or pension supplements, and economic assistance.

2. Improvement app

Being an application, Betterment(2) is a leading retirement planning tool that analyzes the impact of life events on savings and helps streamline your finances to get a complete picture of your economic situation. It helps employees know how to focus on their financial well-beingand plan how to increase their savings or income for a financially stable future.

The app also connects employees with experts and advisors for every financial need, whether it’s medical insurance, 401K investments, tuition for kids, and more. Professional knowledge must necessarily allow employees to obtain advice tailored to their needs. This platform also has a feature that helps employees save money when filing taxes.

Since they factor in retirement age, the city you live in, and unique employee benefits, this can help them accurately understand how much you need to save to retire with peace of mind.

3. Vanguard

Vanguard is also one of the retirement planning tools commonly used by HR managers. It has a retirement income calculator with an interactive measurement tool that allows employees to add their age, expected retirement age, annual income, annual savings, social security benefits and monthly pension to find out how much money(3) they need to save for retirement.

Knowing how much to save based on your retirement goal and the different ways to reach that goal helps employees better plan their finances. Vanguard assures that they do not save user data online, thereby protecting employees from misuse of it.

4. New Retreat

Another among the list of effective retirement planning tools that HR managers can suggest to employees is the new retirement,(4) which has several other features besides helping to calculate the amount needed for a peaceful retirement. The tool also enables employees to be resolute on the path to a secure retirement future.

Employees can get an analysis of all available retirement plans and add their data to the calculator, plus see detailed charts showing when they can retire, how much retirement income they can create, how much savings needed for this purpose and their net worth. Employees can also avail themselves of the services of professional advisors.

5. Loyalty Retreat

Fidelity has a planning and guidance center that provides a comprehensive overview(5) of your retirement planning. Employees can explore life changes or incidents that better prepare them to deal with sudden events. HR managers can take advantage of multiple options on this platform and offer the same to employees in terms of tools and calculators to measure financial adjustments, IRA contributions, Roth conversion, social security benefits, and more.

6. Wallet Burst

This platform provides calculators for FIRE, compound interest and savings rates to allow employees to measure what they will need for retirement. Stocks, bonds, cash, and asset allocations can also factor into your retirement calculations.

Using WalletBurst (6) interactive calculator, employees can visualize the growth of their wealth while aiming for financial independence. Employees can even add other factors such as safe withdrawal, inflation, company 401K, and revenue growth rates into the calculator.

7. Discount rate

Bankrate provides employees with an annual breakdown of the amount of money needed to retire. It also provides definitions of financial terms such as annual contributions, rate of return, rate of inflation, tax rate (before and during retirement), and tax deferrals.

With Bankrate,(seven) employees can see not only how much they need for retirement, but also find explanations of why that amount is needed. Their retirement planning tool estimates the monthly income that the employee’s retirement savings will provide by taking into account annual savings, the expected rate of return on those savings, and the retiree’s current age to calculate retirement income. monthly pension.

To sum up

HR managers can help employees with all of the above retirement planning tools and help them anticipate their future financial outlook. When employees are not stressed by their uncertain future economic situation, their productivity is bound to improve. Platforms like these allow employees to be proactive in achieving their financial goals. Knowing how much money you’ll need to save, anticipating unexpected costs, and balancing multiple sources of income helps employees plan their finances.

In addition, it reassures employees about post-career and encourages them to prepare for this stage of life. Using these services gives employees an edge to continue planning for a good financial future. And, for retirement planning, the earlier employees start saving, the better.

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