The Retirement Living Standards app helps people understand how much income they might need in retirement based on lifestyle choices, including holidays and spending money for clothes. It offers examples of what users’ money will buy when they retire and allows people to imagine it in today’s terms.
Available for financial institutions and consumers, Wealth Wizards said the tool was inspired by a recent report from the Pensions and Lifetime Savings Association which showed that less than a quarter (23%) of people know how much they’ll need to save to fund retirement.
Following the PLSA’s recommendations, the software will allow people to model three kinds of retirement income; minimum, moderate and comfortable.
Martin Harris, head of advice at Wealth Wizards, was part of the PLSA working group to define Retirement Living Standards following a consultation with several representative consumer groups.
He said: “The PLSA’s work resonated deeply with Wealth Wizards’ mission to make financial advice affordable and accessible. It was an honour to work closely with them to come up with our new tool.
“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.”