This tool is designed to manage an effective retirement goal by continually examining the;
- desired objective of the client
- the position of income in retirement
- the longevity of the income in retirement
- the impact of not acting on the advice given to reach the goal.
How the calculations work
The premise is all about ensuring your client stays on track for their retirement goal. Most clients will have either a simple super fund, additional outside assests that they are using for their retirement, maybe a large house that a percentage is going to be used as part of their retirement plans or even a SMSF.
This tool is designed to take all the options used or considered as part of a retirement plan and match them against the outcomes.
The system considers the current super fund balance of the client, its growth rate and expected pre-set growth rate and the level of contributions made to date and then required to reach the goal.
The calculator takes the key retirement data from your fact finder and calculators current and future position of you client, it then displays any shortfall in desired income in RED and compares that gap in salary terms so the client can easily understand it.
The calculator then automatically calculates a contribution strategy to bring the desired outcome back on track, taking into consideration all contributions made to date by the client
You have the option of selecting the most appropriate outcome or create your own strategy by selecting the 'What if' tab.
You will then get a strategy breakdown
Once you are happy with the 'What if' the system will generate a strategy report including income longevity in retirement
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