Savings2Income Comments on Popularity of Retirement Calculators Among Younger Retirement Planners

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More and more young people are using online retirement calculators to determine their spendable income during retirement. Jerry Golden of Savings2Income responds.

On February 19, Jerry Golden, developer of Savings2Income, commented on a recent article from the Credit Union Times on using online retirement calculators to determine spendable income during retirement.

According to the February 5, 2013 article, Younger Crowd More Likely to Use Online Retirement Planning Tools: Survey, by Paula Aven Gladych of the Credit Union Times, online retirement calculators, interactive charts and mobile apps are much more popular among younger people planning for retirement, according to a survey of 6,360 people conducted by American United Life Insurance Co.

Gladych writes that “more than 60 percent of retirement plan participants under age 40 said they found online retirement calculators most helpful, compared to 51 percent of those age 41 to 50 and 41 percent of those over age 50.”

Retirement plan participants under age 40 also found mobile apps to be helpful, compared to only 12 percent of 40- to 50-year-olds, and only , with only seven percent of those over finding them useful.

In addition to using mobile and online technology to help prepare for retirement, Gladych reports that there is also a divide in which the different age groups read about financial advice. “Participants in the 20- to 30-year-old range are more than twice as likely to read about financial issues via blogs as 40- to 50-year-olds (20% vs. 9%). And 28% of the younger group of workers read about financial issues via social media. This compares to only 16 percent of 40- to 50-year-olds,” writes Gladych.

Jerry Golden, developer of Savings2Income, in commenting on the article said, “We believe that online calculators can help investors estimate their expenses and required savings rates. However, when it comes to the actual plan for investing your savings, making pension and Social Security claiming decisions, and optimizing your retirement income, most investors will need the help of a professional advisor. I do believe that the use of online data collection, reporting, and general communication together with a trained advisor available for screen shares can actually deliver the best results at the lowest costs.”

An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security into an integrated solution.


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