7IM launches app to ‘bring pensions to life’
A futuristic retirement calculator app for financial advisers has been launched by UK investment specialists 7IM.
‘My Future’ – a free gaming-style tool designed to help forecast when retirement savings will run out – has been designed for the iPad generation of investors and can be used as a useful sales aid by financial advisers and wealth managers in all countries, 7IM said.
The My Future tool is a new feature on the 7IMagine app (available free from the Apple store and Google) and is designed for tablet use, 7IM said. It allows the user to punch in detailed numbers about a client’s existing savings and pension contributions, as well as spending expectations in retirement, to identify when his cash will run out.
According to 7IM, the device was built by the gaming experts who worked on the well-known Donkey Kong and Golden Eye video games, who sought to employ user-friendly techniques, in an effort to give it a ‘gaming’ style that makes what might otherwise be tedious and complicated calculations seem fun.
7IM co-founder Justin Urquhart Stewart said: “There are a lot of good simple retirement calculators out there. This tool is more complex, because we want to capture and present a more detailed picture.
“We’ve tried to use gaming features to help bring pensions to life.”
The tool’s designers “stopped short”, he added, of designing it so much like like a video game that those using it were in danger of being “[blown] up when their money runs out”.
Where to get it
According to 7IM, you’ don’t need to be a 7IM client to use the My Future tool, but you will need to open it on an iPad or tablet device. To do this, you swipe right to use 7IMagine as a guest, then open “My Future” from the next screen.
All data submitted is confidential and will not be shared with third parties, 7IM said.
Urquart Stewart said it was hoped the device would help young people to better visualise the importance of saving for retirement. “We’re living longer, so it’s inevitable most of us will have to work longer. But if we’re to avoid working till we drop, we have three options – save more, save longer and take more investment risk.
“The earlier you address the problem, the less drastic the solution.”