Westwood, MA (PRWEB) December 3, 2010
Westwood-based Omyen Corp. today released the Sustainable Retirement Income Planner (SRIP), a sophisticated proprietary tool that based on an individual's lifestyle and retirement savings, shows a sustainable withdrawal schedule, essential and discretionary expenses, year over year for each year of the retirement.
With tens of thousands Baby Boomers retiring every week and tens of millions retiring over the next decade, planning for year by year retirement withdrawals has become a hard nut to crack. Given the unknowns involved, most financial advisors have been struggling in helping those clients who are either nearing retirement or have already entered the retirement. Now Omyen's SRIP tool allows advisors to produce a comprehensive retirement income plan for their clients in just a few minutes using Omyen's innovative user interface.
SRIP tackles complex issues around longevity risk, retirement portfolio mix involving qualified, non-qualified, and Roth savings for retirement, Required Minimum Distributions, legacy funding, and the variability of return rates. SRIP also has a built-in simulation capability allowing a user to run simulations for different life expectancies and the variable rates of return. SRIP also estimates income taxes to determine the expected net income. From a tax planning perspective, the withdrawal order from different types of retirement accounts can also be changed easily. An income to expense coverage ratio helps advisors determine a retirement withdrawal schedule that is sustainable.
“Using SRIP capability, advisors need not ask their clients what kind of income they are seeking for retirement. Advisors will be able to tell the clients what kind of income they are likely to generate and will be able to better prepare them for retirement,” said Dinesh Sharma, Omyen Corp. CEO.
“SRIP is fully integrated in Omyen's financial planning platform and does not require any reentry of data. It offers advisors a sophisticated tool and a simplified report to effectively advise their clients,” said Sharma.
Financial advisors can also use SRIP reports to determine the allocation of different retirement income products to help their clients. Running the SRIP model periodically allows advisors and clients to proactively plan for the future.
About Omyen Corp.
Omyen Corp. is a provider of a unique financial advice technology. Omyen's proprietary 'Discovery Led' client acquisition technology and collaborative lifetime financial planning platform allows banks, advisors, and insurers to cost effectively grow their business, meet compliance requirements, and service their client base. Omyen's unique set of tools include: Personal Financial Index ( PFITM ) to benchmark financial health, 'Prescriptive Financial Plan' covering savings for retirement, college education, major purchases, insurance, and legacy planning, a pragmatic 'Risk Capacity Index', Asset Allocation, Sustainable Retirement Income Planner (SRIP), and decision support tools. For more information, visit http://www.omyen.com.