Available to the general public free of charge, the app allows users to enter specifics such as their desired retirement age, annual salary and current retirement savings and investment levels. It then projects a personalized retirement outlook and depicts how the user’s projected retirement income compares with the user’s retirement goals.
The app calculates outlooks based on a full spectrum of retirement savings information including retirement account balances, contribution rates, investment style and other retirement income sources. 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 would like and providing for a continuously updated retirement outlook.
Based on information entered by the user, the app estimates the probability and likelihood of reaching 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 app also provides alternative saving rate scenarios that will likely lead to better retirement outcomes.
“People need to know whether their current savings strategy will be enough for them to enjoy their retirement comfortably,” said Patricia Advaney, senior vice president and chief marketing officer for Transamerica Retirement Solutions. “Research shows that not too many 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.”
The Retirement Outlook Estimator app is available through the Apple App Store or Google Play. Facebook users can share the app and invite friends to find their own retirement outlook.