MLC makes calculated move
MLC has joined the pre-choice rush to launch online retirement savings calculators.
AMP and the Australian Securities & Investments Commission are among the other groups to have recently created online financial scenario comparison tools as part of choice-related education campaigns.
MLC's Retirement Savings Gap Calculator, available on http://www.mlc.com.au/, would “enable Australians to take a serious look at how their retirement plan is tracking and understand some of the key levers that can be pulled to impact their retirement outcome," said MLC's head of investment and technical services Paul Maddock.
The calculator asks for a range of data inputs including desired annual income in retirement, current and preferred retirement age, and gender.
It takes into account a person's current and likely superannuation savings, as well as investments held outside superannuation.
There is also an option to include a partner's information and many of the inputs are tailored depending on a person's employment status, whether they are employed, self-employed, not employed or involved in home duties.
Maddock said the calculator enabled people to see how different decisions could impact their financial future, with users being able to create and compare up to three different scenarios.
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