Milliman launches enhanced retirement security projection tool to measure retirement readiness
Newly enhanced RISE Score™ incorporates inflation, longevity, and market and withdrawal behaviors
SEATTLE, Oct. 19, 2022 /PRNewswire/ -- Milliman, Inc. today announced that it has launched an enhanced retirement security projection tool available to participants in Milliman-administered retirement plans. The Retirement Income Security Evaluation (RISE) Score™, developed by Milliman, helps participants understand how well they are prepared for financial risk in retirement.
The RISE Score goes beyond calculating monthly retirement income by projecting financial risks in retirement, such as inflation, longevity, healthcare, markets and withdrawal behaviors. While the back-end technology and mathematics are complex, the user experience is simple – participants receive a retirement readiness rating displayed like a credit score on a scale of 350 to 850.
The latest RISE enhancements include projecting total portfolio value at retirement under three different market scenarios, converting portfolio balance at retirement into estimated monthly retirement income, and expanded tips and strategies to help participants improve their scores, including the impact of auto-increase on pre-tax or Roth savings.
"The RISE Score blends mathematical methods like stochastic modeling for inflation, market returns and longevity with an analysis that considers how retiree behavior may impact withdrawal patterns over time. The result provides people with better insight into their broader financial planning," Ken Mungan, Milliman's Chairman, said. "We are excited to leverage our actuarial expertise to bring this next generation projection tool to Milliman clients."
Janet McCune, a Milliman principal, adds, "Milliman is leading the way in the benefits administration industry by developing and investing in technology and tools that improve people's lives today and in the future."
For more information, visit: https://www.milliman.com/en/retirement-and-benefits/plan-recordkeeping-and-administration.
Milliman is among the world's largest independent providers of benefits administration, actuarial and related products and services. Founded in 1947, the firm has consulting practices in employee benefits, healthcare, property & casualty insurance, life insurance and financial services in major cities around the globe. For further information, visit www.milliman.com.
SOURCE Milliman, Inc.
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