Jackson launches enhanced Retirement Expense & Income Calculator

Jackson National Life Insurance Company (Jackson) today announced enhancements to its proprietary retirement expense calculator tool, designed to help financial professionals effectively project their clients’ retirement expenses based on the federal government’s Consumer Expenditures Survey data. The updated tool, now named the Retirement Expense & Income Calculator, features an income gap analysis and a Proposed Gap Solution illustration powered by the Hedgeness Income Engine.

“We frequently hear from financial professionals requesting an easier way to assess their clients’ needs and help identify gaps where their income is not protected,” said Tim Munsie, SVP, Product Strategy & Development, Jackson National Life Distributors LLC. “The recent enhancements we have made to our Retirement Expense & Income Calculator provide financial professionals with a clear illustration of where there is a gap and how protected income products can be beneficial as part of a holistic portfolio strategy to help provide certainty for their clients.”

The tool allows financial professionals to enter a few data points, including current income, retirement age and retirement state, and generate a custom client report that is personalized to their client’s needs. Enhancements include a new income gap analysis that now enables financial professionals to help their clients determine which expenses are essential for retirement and calculate the gap between those expenses and guaranteed income sources to provide the dollar amount needed to cover the income gap. If there is an identified gap, the new proposed gap solution then illustrates an amount that could be invested in a variable annuity with an optional income benefit to cover the income gap identified.

One of the key enhancements to the new tool is the proposed gap solution, which is powered by the Hedgeness Income Engine, the first cloud-based platform exclusively focused on retirement income outcomes.

“At its core, our technology enables data-driven objectivity sought by financial professionals and their clients when navigating through retirement income decisions and their possible outcomes,” said Jay Singh, CEO, Hedgeness Inc. “Our recent integration with Jackson empowers financial professionals to quantitatively assess the role of protected income for their clients in a transparent and statistically significant manner.”