MLC launches new online calculator to help Australians measure their retirement savings gap - 16 June 2005
Thursday, 16 June 2005
SYDNEY: With the start of Fund Choice less than two weeks away, MLC has launched a new online calculator to help Australians take the first step in assessing their retirement savings plans and whether they are on track to achieve their desired lifestyle in retirement.
“MLC’s Retirement Savings Gap Calculator*, available on mlc.com.au, will 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 & Technical Services, Mr Paul Maddock.
“Thinking seriously about planning for retirement can be a daunting process for many people, particularly those in their 30s and 40s.”
“MLC’s Retirement Savings Gap Calculator will help Australians take the first step in understanding how close or far they are from their desired retirement outcome and will hopefully encourage them to take a more active interest in their financial future.
“The next step is to visit a professional financial adviser who can develop a financial plan and help them close any retirement savings gap they may be facing,” Mr Maddock said.
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 be employed, self-employed, not employed or involved in home duties.
Mr Maddock said the calculator enabled people to do “what-ifs” to see how different decisions such as changing their retirement age and savings rate could impact their financial future, with users being able to create and compare up to three different scenarios for discussion with their financial adviser.
“The calculator will give people a general sense of whether they will be able to meet their desired lifestyle in retirement and whether they face a retirement gap or surplus,” Mr Maddock said.
*The results from MLC’s Retirement Savings Gap Calculator are not guaranteed as they are based on inputs that can change over time such as the investment returns anticipated by the user, legislation and inflation. In addition, the assumptions and tax calculations may not take into account the user’s specific needs and circumstances. As a result, the tool should not be used as a substitute for financial advice.
Further information:
Stacey Mitchell
Corporate Affairs Manager
02 9966 3035
0400 305 446
Who is MLC
MLC is the wealth management division of the National Australia Bank. It is comprised of a group of companies, all of which are subsidiaries of the National Australia Bank. MLC provides funds, platforms and services that support the provision of quality financial advice and help people realise and protect their lifestyle goals. Through a vast network of financial advisers, MLC provides quality financial planning services, wealth creation (investments, private banking), wealth protection (insurance) and superannuation solutions to individual investors and corporate customers. MLC also provides corporate and institutional customers with out-sourced investment, superannuation and employee benefit solutions. MLC manages more than $78 billion on behalf of individual investors and corporate customers in Australia (as at Dec 2004).
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
