DALLAS, Ore.--(BUSINESS WIRE)--Trust Builders, Inc. is announcing the release of the new Paycheck Calculator for the TRAK-Online retirement readiness portal. The Paycheck Calculator is a suite of three separate calculators that help advisors provide illustrations to clients: the Paycheck Analysis, 1040 Analysis and Projections calculators.
“Helping advisors educate clients has always been our mission. And now with the addition of the Paycheck Calculator to TRAK-Online, advisors can quickly show clients their paychecks, matched to the penny, and easily illustrate how changes in retirement plan contributions affect their take-home pay today and their retirement savings down the road. This engages individuals and changes the whole conversation,” says Edward Dressel, President of Trust Builders, Inc., the Dallas, Oregon-based developer of TRAK-Online.
With the Paycheck Calculator, advisors can provide clients with a comprehensive view of how their retirement account funds will accumulate until retirement, where to find additional funding for retirement, and ultimately how much retirement income to expect.
TRAK user and retirement advisor Rick McCallister says, “I use TRAK’s Paycheck Calculator to illustrate the tax-sheltering aspect of 403(b). TRAK allows me to show my clients the exact impact of increasing the amount they are saving for retirement on their take-home pay in a vivid and clear way that is specific to them. This increases their comfort level in increasing their contributions if that is necessary for them to reach their goals.”
The 1040 Analysis Calculator helps advisors identify additional sources for retirement contributions. For example, if a client receives a federal tax refund, TRAK can illustrate how those paycheck deductions could better be invested in the client’s retirement account.
The Projections Calculator helps advisors show clients the accumulation and distribution of funds in a retirement account. This helps clients understand how contributions today affect the projected value of accounts at retirement, as well as the projected income their account will provide in retirement. Upon seeing these illustrations, clients typically provide information about additional accounts because they want to see how those funds impact the analysis. Advisors can quickly and easily enter those additional accounts into the Projections calculator. “Clients become highly engaged when they see the cost of waiting to save and thus understand why they need to take action,” explains Dressel.
The powerful and popular Paycheck Calculator was previously available only in the desktop TRAK application. Today it is being rolled out as a value-added feature to TRAK-Online. It complements the portal’s existing Gap Analysis, Strategic Social Security and Split-Annuity calculators.
People interested in learning more about TRAK-Online can create a trial account at https://Online.AskTRAK.com, or can get more information from http://www.AskTRAK.com/trak-online/, call 503-831-1111 or email to support@AskTRAK.com.
About Trust Builders™
Trust Builders™ helps advisors build their clients’ trust. Starting as a retirement investment firm for teachers and other public employees in 1982, Trust Builders™ specializes in retirement modeling, analysis and illustration software for 401(k), 403(b) and government retirement plan agents and brokers. Trust Builders, Inc. is committed to continuously improving its software and to supporting agents and brokers with online and classroom-style training. For more information, visit www.AskTRAK.com.
