This online tool 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.
Wealth Wizards’ new Retirement Living Standards application helps people understand how much income they might need in retirement based on lifestyle choices, like how often they might want to go on holiday and how much they’ll spend on clothes.
Available to financial institutions to use in their own brand, as well as consumers, the tool offers examples of what users’ money will buy when they retire and allows people to visualise that in today’s terms.
In line with the PLSA’s recommendations, the software will allow people to model three kinds of future – “minimum”, “moderate” and “comfortable”. It will also comprise some simple questions on the lifestyle users aspire to and an income calculator to assist with goal-mapping.
Wealth Wizards’ head of advice, Martin Harris, was part of the PLSA working group to define the Retirement Living Standards after 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.”