Transamerica's Retirement Outlook Estimator is one of a number of useful apps that will be launched by Aegon this year, to help users in taking the steps necessary to secure a healthy financial future.
The Retirement Outlook Estimator allows users to enter specific criteria, including their likely retirement age, annual salary, and current retirement savings and investment levels. The mobile application's intuitive display then provides a personalized retirement outlook. It shows how the user's estimated retirement income will fare against the user's retirement goals using a weather-based icon.
Sample screenshots from the Retirement Outlook Estimator (click to zoom)
The application calculates outlooks based on the full spectrum of retirement savings information, including retirement account balances, contribution rates, investment style, and other retirement income sources entered by the user.
Continuously Updated Retirement Outlook
It also incorporates a social security income estimate directly into the user's retirement outlook. Information entered on the mobile device is saved, allowing users to edit their goals and savings whenever they like and provides a continuously updated retirement outlook.
"Transamerica is committed to promoting retirement readiness through workplace retirement plans," says Patricia Advaney, senior vice president and chief marketing officer for Transamerica Retirement Solutions. "We believe that workers deserve to retire with confidence, and the Retirement Outlook Estimator is a powerful way for people to analyze and track their progress."
Sunny or Stormy Retirement?
Based on information provided by the user, the application estimates the user's retirement income and compares it to the user's retirement savings goals. A retirement outlook is reflected by one of four weather forecast icons: sunny, partly sunny, cloudy, or rainy. The application also provides alternative saving rate scenarios that could lead to a better estimated retirement income.
Facebook users can share the application, and invite friends to find their own retirement outlook."With this application, we can share some of the powerful technology already enjoyed by Transamerica customers, with the general public," comments Patricia.
"The reality is that people need to know whether their current savings strategy will be enough for them to enjoy their retirement comfortably. Research shows that too few people have taken the time to figure this out. But once they do, they are often motivated to take actions that lead to better outcomes."
"This app provides a customized retirement outlook quickly and easily. We hope everyone takes advantage of the opportunity and helps spread the word so that public awareness about the huge retirement shortfall increases and is acted upon."
Download the Retirement Outlook Estimator
Transamerica's Retirement Outlook Estimator is available through the Apple App Store or Google Play.
The Retirement Outlook Estimator is for illustration only and is not intended to provide investment advice. It does not portray actual investment results or guarantee future results; your results will vary based on market condition.
