25 Oct 2019
Financial Tech Firm Launches Retirement Calculator Tool
Wealth Wizards has released a new retirement calculator tool, inspired by a report by the Pensions and Lifetime Saving Association (PLSA).
The financial planning technology company’s new online Retirement Living Standards tool assesses how much money users will need when they retire, based on information about lifestyle. Advisers and financial institutions can use the tool in their own brand and it’s also available to consumers.
The launch of the calculator comes in response to the PLSA’s recent ‘Hitting the Target’ report, which revealed that only 23% of people are aware of how much they should be saving for when they retire. It also suggests that 51% of people put their current wants and needs first, instead of thinking and planning ahead.
Users will be able to see a representation of how far their retirement income will go in terms of lifestyle. It can even help users to visualise anything from how often they could afford to abroad, to shopping habits.
The application incorporates recommendations from the PLSA, allowing people to model their futures based on three categories: “minimum”, “moderate” and “comfortable”. It also helps users to set financial goals.
Discussing the new retirement calculator tool, Martin Harris, head of advice at Wealth Wizards, said:
“The PLSA’s work resonated deeply with Wealth Wizards’ mission to make financial advice affordable and accessible.
“The addition of our new retirement tool based on the PLSA’s research should make planning with them even easier.”