Wells Fargo launches online retirement calculator
Wells Fargo Retirement today announced the launch of My Retirement PlanSM, an online tool that helps customers take control of their retirement by creating a plan for saving that ultimately allows the user to see their potential monthly income in retirement.
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The tool offers a distinctive method of calculating a customer's retirement income need and how much should be saved each month.
"We are excited to offer My Retirement Plan because it makes planning easy and manageable for customers. The tool walks the customer through different monthly savings scenarios and shows how that customer can increase their potential monthly retirement income by adjusting their current savings instead of showing a huge number to save," said Karen Wimbish, director of Retail Retirement at Wells Fargo. "The best thing about the tool is that it works to help answer 'what do I need to save each month and what will the outcome be?'" Wimbish added.
My Retirement Plan prompts customers to provide some information about their retirement goals and current situation. Then it calculates a recommended plan and shows a suggested savings rate as a percentage of the customers' income. It also shows an estimated monthly income the customer could receive in retirement. If there is a retirement savings gap, there is an 'Ease into Savings' option that allows users to adjust and create a plan for savings that fits their financial situation. My Retirement Plan is savable and can be adjusted at any time online.
My Retirement Plan is available to all online Wells Fargo customers at wellsfargo.com/myretirementplan and will be available on wellsfargo.com to the general public later this year.