T. Rowe Price has launched a new web-based retirement-planning tool that the company says will allow “investors to envision how they might live in retirement.” The new tool—called Ready-2-Retire—joins a suite of other interactive retirement and financial planning products that T. Rowe Price offers clients.
The company’s latest retirement tool asks investors simple questions that help them establish goals, set priorities and understand risks, according to T. Rowe Price. It then produces a personal retirement profile summarizing investors’ desired retirement lifestyle plan, their level of preparedness to minimize exposure to retirement risks and a list of next steps in the planning process.
Carol Waddell, head of product management and development in T. Rowe Price’s Retirement Plan Services division, said in a statement that the new tool “helps people jump-start their retirement planning in a straightforward, non-threatening way.” No personal financial account information is needed to use the tool.
While investors of any age can use Ready-2-Retire, the primary audience is likely to be those nearing retirement, according to the company. “Pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes,” the company said, while also considering risks such as longevity, inflation, investment and health-care risks.