BlackRock introduces a tool to help calculate retirement income

The world's biggest money manager, BlackRock, has come up with a tool that helps people calculate how much they need to save for retirement, and experts believe it has some promise. The tool could assist workers enrolled in defined-contribution plans, including 401(k) plans, "understand what they're facing in terms of a shortfall," said Jack VanDerhei, research director at the nonprofit Employee Benefit Research Institute in Washington.

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