MILL VALLEY, Calif.--(BUSINESS WIRE)--NewRetirement, an innovator in hybrid financial planning, today announced that Nationwide has deployed the Company’s financial projection engine to power its My Interactive Retirement Planner℠. Leveraged by over 2 million active participants as of August 23, 2022, the solution helps deliver enhanced retirement readiness to more effectively view both accumulation and decumulation planning to help provide a clearer path to and through retirement.
Most retirement savers understand the value of investing in a defined contribution plan to accumulate savings for when they’re ready to retire. However, it can be tougher to visualize how their savings will translate into income once they enter retirement.
To help plan participants with this challenge, Nationwide partnered with NewRetirement to deploy its comprehensive financial planning engine delivered via API. The company’s technology provided the necessary backbone to power the overall calculations in Nationwide’s planner.
“We partnered with NewRetirement and designed these enhancements to deliver better projections so participants can see what their retirement budget might look like,” said Eric Stevenson, president of Nationwide Retirement Solutions. “It’s critical that we continuously engage with plan sponsors and their participants to help them think about more than just accumulating savings. It’s just as important to help retirement savers think about how their savings will translate to income in the decumulation stage.”
The added functionality shows how a participant's assets could be distributed over time and illustrates how retirement income sources, including outside investments, retirement plan accounts, Social Security and pensions work together—even highlighting years where there may be a shortfall or surplus of retirement income. This information is powerful in helping make more informed decisions. The improved calculation considers future tax rates, includes enhanced inflation calculation, and continues to provide hypothetical rates of return to help provide a more specific retirement outlook.
“NewRetirement is redefining the digital-first financial planning market with comprehensive technology, digital coaching, and financial education to make lifelong financial planning available to everyone,” said Stephen Chen, Founder and CEO of NewRetirement. “We work with our enterprise customers before, during, and after deployment to ensure their ongoing success and engagement with their end users. Nationwide is a great customer and partner reaching millions of individuals to better support their financial futures.”
About NewRetirement
NewRetirement delivers a hybrid financial planning solution to consumers and enterprises, with software, digital coaching, educational classes, and expert human advice. The comprehensive planning and modeling engine considers thousands of scenarios, enabling individuals to do holistic accumulation and decumulation planning with digital guidance, and at scale for enterprises. The platform delivers a deeper financial wellness benefit for employers, and enables financial services organizations to leverage new business models, better retain assets, and drive revenue with more engaged consumers. NewRetirement is used by millions of people and deployed with enterprise companies such as MarketWatch and Nationwide. For more information, visit www.newretirement.com/enterprise
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
My Interactive Retirement Planner℠ is a hypothetical compounding example and is not intended to predict or project investment results of any specific investment. Investment return is not guaranteed and will vary depending upon your investments and market experience. Assumptions do not include fees and expenses. If fees were reflected, the return would be less.
My Interactive Retirement Planner is a service mark of Nationwide Life Insurance Company. © 2022 Nationwide
