Wells Fargo launched its My Retirement Plan savings tool on Monday, allowing the public to create an online plan for retirement that they can save, manage and update at any time.
The savings tool, which uses government data to calculate a user’s retirement income need, calculates a monthly amount to save for retirement and a monthly income if the retirement plan is followed. It also provides advice to customers to help them reach retirement goals.
“In line with our goal for every customer to have a plan, we are pleased to offer My Retirement Plan to everyone because it helps people create a plan for saving and provides manageable steps to reaching that goal,” Karen Wimbish, the director of retail retirement at Wells Fargo, said.
Users provide information about their retirement goals and current situation, including age, desired retirement age, highest level of education, current retirement savings, current monthly contribution and emergency household savings.
The tool then calculates a recommended plan and shows a suggested savings rate as a percentage of user income and an estimated monthly income for retirement. If a savings gap exists, an “Ease into Savings” option allows users to adjust and establish a plan that fits their financial situation.