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Efficacy of Publically-Available Retirement Planning Tools
Keywords: 5 words maximum
Retirement Planning, Software, Tools, Education
Very short description for use in the program to help attendees understand more than a title can describe
The shift from defined benefit plans to defined contribution plans increases employee responsibility for estimating their own optimal retirement savings needs. As a result, dozens of online retirement planning tools, most using differing inputs and default settings, are publically-available to help individuals and families manage this responsibility. The differing inputs invites the question: which inputs are necessary for publically-available retirement planning tools to provide appropriate information? We explore this question by surveying financial professionals, then testing multiple scenarios on numerous publically-available retirement planning tools to evaluate their effectiveness in providing reasonable retirement funding information in alignment with professionally recommended inputs.
Lead & Corresponding Author
Brigham T. Dorman, AFC, Texas Tech University
Job Title
Associate Instructor & Doctoral Student
Additional Authors
Harold Evensky, CFP, Texas Tech University
Job Title
Professor of Practice
Barry Mulholland, Ph.D., CFP, Texas Tech University
Job Title
Assistant Professor
Qianwen Bi, Ph.D., Utah Valley University
Job Title
Assistant Professor