Will Your Retirement Income Last As Long As You Do? New Calculator Weighs Inputs & Outcomes

CINCINNATI, Ohio, April 9 -- The Western and Southern Financial Group, a life insurance company, issued the following news release:

In conjunction with National Retirement Planning Week 2019 (NRPW), W&S Financial Group Distributors today introduced an online version of its popular retirement income calculator. The digital tool empowers individuals to easily consider the interaction of various assumptions in helping align retirement assets and drawdowns in a sustainable manner.

"According to the Insured Retirement Institute, only a third of Generation X has saved at least $150,000 for retirement," said Mark E. Caner, president, W&S Financial Group Distributors, Inc., the wholesale distributor of annuities and life insurance from Western & Southern Financial Group member companies. "Preparation is essential to readiness. That is why we have launched this tool. We want to help consumers become more knowledgeable about their retirement income decisions. We want to help equip them to better understand the relationship of some of the variables at work. From there they can begin employing strategies designed to help provide certainty and predictability for their future standard of living."

The three-step tool draws on Monte Carlo analysis to allow users to quickly test hypothetical combinations of three variables that impact how long retirement income may last: withdrawal rate, withdrawal period length and portfolio composition. An analysis of the hypothetical income sustainability scenario is generated in a sample report that details additional information about the calculator, including its underlying material limitations and assumptions. Various combinations of proposed assumptions can be considered and corresponding estimated projections of retirement income probabilities compared.

"At Western & Southern, we remain committed to advancing America's retirement confidence," said Caner. "Launching this new tool during National Retirement Planning Week demonstrates our support for helping Americans address the risk of outliving their retirement resources with solutions for insured lifetime income."

The National Retirement Planning Coalition - a group of prominent education, consumer advocacy and financial services organizations spearheaded by the Insured Retirement Institute - has organized NRPW. This initiative is a national effort to help consumers focus on their financial needs in retirement.