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.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
