Merrill Lynch Wealth Management has launched an online special needs calculator to assist parents and caregivers of individuals with special needs to navigate the financial concerns linked with this person's care.

The calculator analyzes an individual's needs based on the input of financial information and projected life expectancy, according to the firm. It then factors in several variables, including the projected income of an individual with special needs, monthly expenses, and federal and state government benefits, among others. It also factors in parents' number of years until retirement, with the flexibility to modify assumptions about return on investments and inflation rates. 

The goal of the tool is to identify potential shortfalls in the family's ability to sustain the quality of life of an individual with special needs long after parents or caregivers retire. 

Citing the US Census Special Report, the firm said that there are approximately 21 million families in the US caring for a member with special needs, and one in every 26 families are raising a child with a disability. Merrill Lynch's Special Needs Financial Services program was established in 1999. Advisors under the program receive specialized training on their potential clientele where they earn certified special needs advisor designations. Today, nearly 2,300 financial advisors and 200 client associates working with Merrill Lynch are certified special needs advisors.