Fidelity Investments has launched a new online retirement tool called the Income Simulator for Fidelity NetBenefits participants.

The tool provides employees with a snapshot of how much estimated monthly income their current savings strategy might generate for their household relative to their retirement goals. It uses a modeling engine to incorporate potential earnings from not only accounts held at Fidelity, such as defined contribution plans, health savings accounts and IRAs, but also other possible retirement income sources, such as Social Security and previous employer pensions.

"Successfully helping employees plan for retirement is one of the most important goals of workforce management," said Tom McGirr, senior vice president of workplace solutions at Fidelity Investments. "Plan sponsors want user-friendly, yet intelligent, planning solutions so their employees can turn meaningful guidance into next steps to help them meet their retirement goals. Income Simulator is designed to help them do just that."