OppenheimerFunds Inc. recently announced a major upgrade to its Retirement Income Manager Software. The original version of this free, stand-alone, Web-based software program, which we reviewed in October 2005 (http://www.financialadvisormagazine.com/past_issues.php?id_content=3&idArticle=1057&idPastIssue=102), provided advisors with a quick, concise overview of a client's retirement income situation. While the initial version did a credible job given the constraints placed upon the developers, there were a few noteworthy omissions, such as the ability to model the preretirement period and an inability to compare two plans side by side.
   Version 2.0 of RIM addresses these deficiencies and adds additional capabilities. "We have intensified our efforts in helping baby boomers in the 'Transition Ten' years-the five years before retirement and the five years into retirement-to generate the lasting income they need to maintain the lifestyle they want," said John Davis, vice president, Retirement Plans, OppenheimerFunds.
   Enhancements include the ability to model preretirement savings up to ten years prior to retirement, the addition of new asset classes (REITs and commodities), the ability to model real estate holdings, control over the order of spending among tax categories, the ability to include reverse mortgages in the scenarios and controls that enable the advisor to create custom model portfolios by asset class. In addition, new reports can show side-by-side plan comparisons.
   "We added these enhancements, being careful not to add complication for the average user," said Davis. "The basic navigation is pretty similar to the original version, while the features for 'power users' are now in a second set of tabs." For further information, visit: https://www.oppenheimerfunds.com/advisors/generalInformation.