Asset Super has collaborated with Rice Warner Actuaries to deliver a transition to retirement calculator.
Implementation of the calculator has been announced by Asset Super chief executive John Paul, who said it was one of the few in the marketplace to provide projections over a lifetime, rather than just a single year or ‘transition period only’ calculation.
He said too many fund calculators focused on targeting adequate income in retirement through to the user’s life expectancy, yet 50 per cent of Australians would outlive their life expectance and therefore require more income in retirement.
Paul said by giving an indication of the likely longevity after life expectancy age, the Asset Super calculator allowed the individual to better plan for how long they might reasonably expect to need a retirement income.
