New Digital Tool Helps Retirement Plan Participants Address Retirement Income Challenge

Columbus, OH – According to a recent Nationwide Retirement Institute^® survey, 56% of employer sponsored retirement plan participants worry about outliving their retirement income and six in ten (61%) find it challenging to determine how long their savings need to last.

To address these participant needs, Nationwide Retirement Solutions is helping plan participants improve their retirement and financial wellness education with My Income & Retirement Planner^SM, a personalized, guided experience that can help users clearly understand their savings and how it translates into retirement income.

The comprehensive planning tool, which will be available to millions of Nationwide plan participants, is designed for individuals at any stage of their retirement journey by catering to both simple and complex needs. Key features allow participants to: 

• Access one comprehensive planner that can help with retirement planning and many financial planning needs including retirement income in retirement
• Receive a Chance of Success score based on Monte Carlo simulations
• Explore common “what-if” scenarios to see how they may impact their Chance of Success score
• Review and compare withdrawal strategies from multiple sources of retirement assets

Participants who are ready to refine their retirement and financial plans may take advantage of additional features including:Healthcare cost and other retirement expenses estimator

• An estate planning checklist
• Aggregation of external account and asset information
• Coaching alerts for helpful tips and suggestions 

“We know from working with millions of participants that today’s savers view their retirement plan as so much more than just a savings vehicle,” said Hutch Schafer, vice president of Business Development for Nationwide Retirement Solutions. “They want to know if they are on track, steps they can take to optimize their chance of success – and most importantly, how their savings will translate to financial security in retirement. My Income & Retirement Planner empowers them to understand their options and simplify the retirement income challenge.”

My Income & Retirement Planner may be used in a self-serve capacity using the Digital Coach capability or with the help of one-on-one support from trained retirement specialists.

“We know that retirement income is top of mind for many of our plan participants. That’s why the customization and flexibility of My Income & Retirement Planner is a gamechanger,” said Sandy Blair, California Saving Plus Program Administrator. “It offers powerful features to give our participants all the tools they need to plan for a secure financial future.”

Visit nrsforu.com/psfinancialwellness to learn more about My Income & Retirement Planner.

Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect nearly $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants. Nationwide services the highest volume of Governmental 457 plans and demonstrated significant growth in corporate 401(k) and not-for-profit 403(b) markets.¹ Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service. 

¹ Plan Sponsor 2024 Recordkeeping Survey