Wealth Wizards has launched a tool to allow users to plan their retirement and calculate how much will be needed to fund it.
This online programme was inspired by the Pensions and Lifetime Savings Association’s (PLSA) recent Hitting the Target report, which revealed that just 23% of people know how much they need to save in order to achieve an adequate retirement income.
The retirement living standards app helps people understand how much income they might need in retirement based on lifestyle choices, such as how often they might want to go on holiday and how much they will spend on clothes.
Details
It is available to financial institutions to use in their own brand, as well as consumers.
In line with the PLSA’s recommendations, the software will allow people to model three kinds of future – “minimum”, “moderate” and “comfortable”.
The tool will ask some simple questions on the lifestyle users aspire to and an income calculator will assist with goal-mapping.
Consultation
Martin Harris, head of advice at Wealth Wizards, was part of the PLSA group that defined the association’s retirement living standards.
He said: “The PLSA’s work resonated deeply with Wealth Wizards’ mission to make financial advice affordable and accessible.
“Our adviser platform, Turo, and our digital financial adviser, MyEva, both originate from a desire to give more people access to guidance and advice.
“The addition of our new retirement tool based on the PLSA’s research should make planning with them even easier.”
