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Helping retirees understand their income options in retirement

 

There are a range of barriers that inhibit retirees when it comes to developing a comprehensive retirement income plan. Our new innovative Retire with confidence tool aims to overcome these barriers by using a series of ‘reality checks’ and gamification to test perceived confidence by asking retirees to guess when their super will run out and educating them on the different retirement income options that may be available to them.  

Co-designed with retirees and pre-retirees, the tool helps older Australians understand how long their retirement income might last and the amount of Age Pension they may be eligible for. The tool also shows how including different types of investments and sources of income, such as a lifetime income stream could improve their financial outcomes.

Our Retire with confidence tool encourages retirees to take action 

The tool provides results and insights that the retiree can print out and take to a financial adviser, supporting a more informed discussion on how they can maximise their finances in retirement and improve their confidence by developing a comprehensive retirement income plan.

Try the retire with confidence tool

The results of initial testing show the tool is resonating with retirees and driving action. 75% of retirees “feel that the tool is useful in educating them about their retirement income choices”1. They felt more informed and better prepared to discuss their options with a financial adviser.

Through a series of simple steps, our innovative tool enables pre-retirees and retirees to:

  • see how long their super and other savings will last in retirement based on data they provide;
  • find out if they are eligible for the Age Pension or an increase in their current Age Pension payments; and
  • learn how a lifetime income stream such as a lifetime annuity can complement other income sources in retirement and provide guaranteed income for life that will not be impacted by share market performance.

1. Quantitative Retire with confidence tool testing of 365 people aged 60-80.