Investment and retirement-focused fintech firm mSmart has improved its retirement modelling tool to include non-superannuation assets and the impact of downsizer contributions and reverse mortgages and will offer the tool to accountants, advisers, SMSFs and super fund members.
mSmart managing director Derek Condell said the firm’s Retirement Income Report would continue to produce a projection of the possible range of retirement incomes for six investment strategies, but can also include external factors that may alter those projections.
“A projection of the possible range of retirement incomes can still be obtained with three basic questions – age, amount of super now and contributions – but the power of the new, upgraded report is the ability to model additional choices that can affect retirement income,” Condell said.
“Amongst the list of new optional questions are the impact of a reverse mortgage, the dollar value of adding to retirement income from a downsizing of a family home, breaks in employment where no super contributions are made and non-superannuation investments.”
He said the report was available to accountants operating with or without an Australian financial services licence, financial advisers, specialist retirement and aged-care businesses, members of SMSFs and Australia Prudential Regulation Authority-regulated funds.
Access to the report is via subscription, which provides access to a continuously updated report incorporating changes to legislation and Centrelink rules.
The report will also tie into an investment platform that is currently under development and will offer securities, managed funds, analytics and transactions, and link the investments, including SMSF assets, to a forecast or projection.
“What makes our product powerful is that the projections provide a chance or probability of happening, provide the impact on retirement income if any of the inputs are changed and can include the impact of many ‘real-life’ events, such as a break in employment, downsizing the home and reverse mortgages,” Condell said.