A week ago, the Kiplinger’s Consumer News Service released an article called “Think About the 4 Pillars of Retirement Instead of Just Income.”

I find I consistently agree with the organization that produced this concept paper.

We differ slightly in that we focus on the three L’s: Lifetime Income, Liquidity and Legacy. Since growth is factored into these three, we don’t view it as a separate item.

Our most important difference, though, is that we also take into consideration the dimension of time.

While these pillars of retirement can be achieved, there may be tradeoffs within different time periods. It’s important to be aware of the impact time will have as you make your financial decisions about retirement.

Another article I read revisited the topic of retirement calculators.

In analyzing the financial behaviors of 67,089 U.S. employee financial wellness assessments, Financial Finesse concluded that the most impactful action was for employers to offer a retirement calculator.

While I agree with headline, “Retirement Calculator Seen as Critical Tool,” I don’t necessarily agree about the helpfulness of the calculators currently in use.

They may get participants more engaged, they don’t set a good course for these individuals to follow.

Even Congress agrees (at least on something) that a new measure of disclosure is required, according to new legislation, The Lifetime Income Disclosure Act (S.868), introduced in the Senate by Sens. Johnny Isakson (R-Ga.) and Chris Murphy (D-Conn.), who introduced the same bill in the 114th Congress.

We’ll be releasing our new benchmark calculator this summer, and we believe it will address many of the shortcomings we find in most retirement calculators today. Stay tuned…