Sometimes clients need to see the "gap" before they are motivated to change. TRAK's Gap Calculators provide a rapid, visual gap analysis of a client's retirement needs. The Quick Gap and Gap Analysis tools work in tandem to help advisors educate clients about retirement.
Quick Gap and Gap Analysis calculators provide two different levels for educating a client on the need for additional retirement savings. Both calculators offer the following features:
1. Illustrate a client’s retirement plan values clearly and quickly.
2. Communicate in a way that your client understands, easily switching between high-level overviews and detailed cash flow analysis.
3. Create customized 401(k) retirement plans that include the employer's matching for both pre-tax and Roth accounts.
4. When working with a 403(b), TRAK includes over 450 public pension plans.
TRAK calculates the various defined benefit pension plan options, and includes many cash balance options (DROP, PLOP, PLS, etc.) that are offered by many defined benefit plans.
The Gap Analysis calculator also includes federal retirement plans, and includes illustrating the Thrift Savings Plan (TSP), Federal Employee Group Life Insurance (FEGLI), and their long term care benefits.
5. Easily add outside accounts including retirement investments, known income (such as outside pensions, part-time work, etc.) and lump sum accounts.
6. The Gap Analysis calculator presents illustrations of the Tax Wise Distribution Strategy for helping clients determine how to distribute income from their accounts.
7. Compare the effects of waiting before saving additional monies, the effects of retirement age, the effects of inflation, and more with a click of the mouse button.
8. Illustrate multiple retirement plan contribution strategies and easily and effectively incorporate these strategies into the retirement plans with the new Contribution Analysis feature.
9. Evaluate a client’s retirement savings using historical indexes (or a blend of indexes) with the Sequence of Returns calculator allowing the illustration of historical success or failure based on the selected index.
The Quick Gap and Gap Analysis calculators provide efficient and effective tools for helping clients understand where they are in their retirement planning and how to financial plan for retirement.Back to top.