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Products January 12, 2011
Software Calculates Retirement Income Needs
The Retirement Income Industry Association (RIIA) and HealthView Services have developed a retirement income management software solution that includes a portion dedicated to unforeseen healthcare costs.
Reported by Nicole Bliman
The Retirement Income Management system has been designed in a modular fashion, according to a news release. This allows advisers to cover one topic at a time with clients, or to skip some modules entirely.Institutions may also customize and brand the platform for integration into existing Web-based reporting systems.
Some of the modules included in the program include:
- Estimating out-of-pocket healthcare expenses
- A budgeting process that can range from basic retirement needs such as housing, to more complex, all-inclusive budgets
- A comprehensive investment portfolio building tool
The need to calculate healthcare expenses is most “overlooked,” according to HealthView.
“Healthcare costs are typically the greatest or second greatest expense during retirement; it’s growing at 7% annually; and, most baby Boomers do not include many of these expenses as a part of their retirement income management plan This lack of planning ultimately could have huge, negative implications for retirement security of millions of Americans,” observes Ron Mastrogiovanni, CEO of HealthView Services.