Retirement
New digital platform revolutionises retirement planning for Aware Super members
Retirement
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement Manager™, has been credited with a dramatic 78% increase in retirees opting to draw more than the minimum pension, highlighting its potential to enhance confidence in retirement planning.
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement Manager™, has been credited with a dramatic 78% increase in retirees opting to draw more than the minimum pension, highlighting its potential to enhance confidence in retirement planning.
Launched this month, Retirement Manager™ is accessible to all eligible Aware Super members aged 60 and over. The platform addresses two critical questions for retirees: "How much can I spend?" and "How long will my money last?" These are pivotal concerns for individuals either approaching retirement or already in it.
The pilot phase, which involved over 5,000 members, revealed a significant behavioural shift among users. Typically, 54% of retiring members choose to draw more than the minimum pension. However, this figure surged to an impressive 96% when members utilised Retirement Manager™ to formulate their retirement plans.
Steven Travis, Group Executive Member Growth at Aware Super, expressed enthusiasm about the platform's impact. "This is a major breakthrough in retirement planning," he stated. "Retirement Manager™ is giving members the control and confidence to draw a greater income and enjoy their retirement to the fullest."
The platform allows users to set up and implement a plan online with ease. It enables retirees to choose an investment option, model various income and spending decisions, and establish an income stream. Additionally, it offers estimates on government Age Pension eligibility, providing a comprehensive tool for retirement planning.
One of the standout features of Retirement Manager™ is its Income Confidence Score. This feature shows users the likelihood that their plan will support their desired income, allowing them to make adjustments to enhance their score. The integration of human assistance is another key component, with users able to book appointments with advisers within the platform to refine their plans further.
Travis highlighted the importance of this seamless integration of digital and human advice. "When members can build a plan in their own time, optimise it for different scenarios, and get immediate feedback on the strength of their plan, it gives them greater confidence to draw down on their savings," he explained.
Aware Super's research has shown that nine out of ten Australians worry about running out of money in retirement, and many members leave up to 25% of their super unspent. Travis believes Retirement Manager™ addresses these concerns effectively. "Retirement Manager™ is not just for implementing a retirement plan; it’s like your always-on adviser throughout your retirement, helping you maximise your income and giving you peace of mind that you’re on the right track," he said.
Retirement Manager™ builds on the success of My Retirement Planner™, another tool by Aware Super that has assisted over 165,000 members in the accumulation phase to model their retirement goals and devise appropriate savings plans. This new platform extends that support into the retirement phase, ensuring members have the tools and guidance needed to manage their finances effectively.
The introduction of Retirement Manager™ marks a significant step forward in the way retirees can plan for their financial futures. By providing a platform that combines digital convenience with the option for personal advice, Aware Super is setting a new standard in retirement planning.
As the platform becomes available to more members, the potential for further improvements in retirement outcomes is substantial. The early results are promising, with the increase in members opting for more than the minimum pension indicating a shift towards more proactive and confident retirement planning.
Aware Super's initiative reflects a broader trend in the financial services industry, where digital tools are increasingly being used to empower individuals to take control of their financial futures. With Retirement Manager™, Aware Super is at the forefront of this movement, offering a solution that meets the needs of today's retirees while addressing their concerns about financial security in their later years.
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