Atlanta-based SunTrust Banks Inc. has armed its advisors with a new retirement planning tool to help the nation’s 80 million Baby Boomers maximize their retirement income. The new Retirement Income Navigator is a three-step process designed to help investors withdraw money from retirement accounts in a more tax-efficient way.

The new tool will enable advisors to help clients “draw down assets in a tax-smart, optimized way,” SunTrust said in a statement. It allows advisors to “scan comprehensively across all accounts to determine a tax-smart, optimal withdrawal sequence and mix of assets for liquidation,” it said.

The tool was developed in conjunction with LifeYield LLC, a technology solutions provider focused on financial providers.

“Retirement Income Navigator provides tremendous value and precision for our financial planning clients in that their assets are being managed in a tax-smart way to provide a steady income stream,” Mark Davis, senior vice president of SunTrust Investment Services, said in a statement.

SunTrust operates a network of bank branches and ATMs throughout the Southeast and Mid-Atlantic states.