Retirement
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Retirement
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with tech giant Bravura Solutions, this sophisticated platform aims to provide retirees with control and confidence over their financial futures.
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with tech giant Bravura Solutions, this sophisticated platform aims to provide retirees with control and confidence over their financial futures.
Retirement Manager is engineered to answer two critical questions for those approaching or already in retirement: "How much can I spend?" and "How long will my money last?" The tool allows users to set up an income stream, select an investment option, and model different income and spending scenarios. A unique feature, the "Income confidence score," provides users with a quantitative measure of how their retirement plan aligns with their financial goals.
Steve Travis, Aware Super's Group Executive Member Growth, emphasised the tool's pioneering nature in the realm of retirement planning and digital advice. "Retirement Manager takes the stress out of retirement planning, giving members the power and the flexibility to create a personalised plan that can be easily adjusted as their needs and circumstances change," Mr Travis stated. He further highlighted the tool's ability to simplify the retirement planning process, noting, "With many people heading into retirement without any plan at all, Retirement Manager dramatically lowers the degree of difficulty involved in getting started and, importantly, is integrated with human help for that additional level of personalised support."
One of the standout features of Retirement Manager is its ability to estimate Age Pension eligibility and incorporate a spouse’s financial details, providing a comprehensive overview of a retiree's financial landscape. The tool also models the impact of significant financial decisions, such as taking an overseas holiday or assisting children with a home deposit, on a retiree's overall financial plan.
Aware Super members can also book an advice appointment directly from within the tool at no extra cost, allowing them to fine-tune their plans and explore options with an Aware Super retirement specialist. This integration of digital and human support underscores Aware Super's commitment to providing holistic and accessible financial advice to its members.
The launch of Retirement Manager builds upon the success of My Retirement Planner, a tool designed for members aged 60 and under. My Retirement Planner has already assisted over 130,000 Aware Super members in the accumulation phase to model their retirement goals and devise suitable savings plans. Mr Travis remarked on the broader impact of these digital solutions, stating, "These digital advice solutions reinforce Aware Super’s position as an industry leader in innovation and the use of technology to enhance member experience and retirement outcomes through scalable solutions."
Currently, Retirement Manager is in its pilot phase, tested by a select group of members. Aware Super plans to make it available to all eligible members aged 60 and over later this year, signalling a significant step forward in the accessibility of retirement planning tools.
The introduction of Retirement Manager comes at a time when many Australians are seeking more personalised and flexible retirement planning solutions. As the financial landscape continues to evolve, tools like Retirement Manager offer a promising way forward, combining advanced technology with personalised advice to meet the diverse needs of retirees.
By leveraging cutting-edge technology and integrating it with expert human advice, Aware Super is setting a new standard in digital financial planning, ensuring that its members are well-equipped to navigate the complexities of retirement with confidence and ease.
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