The Australian Securities and Investments Commission (ASIC) has launched a Term Allocated Pension (TAP) calculator aimed at assisting people in their retirement planning.
The TAP calculator will work alongside ASIC’s existing superannuation calculator, which was introduced in mid-2004.
According to ASIC, the new TAP calculator will be particularly useful for people who expect to receive a full or part age pension and need a retirement income product that will help them more easily pass the various income and asset tests.
ASIC executive director of consumer protection said the financial decisions people faced as they approached retirement were daunting and that even those using financial advisers were likely to find the products and language complex and unfamiliar.
“ASIC’s TAP calculator can help people in trying to compare different options and make the process easier,” he said.
