Retirement calculators – getting better, but where’s the consistency?
The ultimate purpose of superannuation is to provide an income in retirement, but often that fundamental point is lost. That's hardly surprising, considering that most of the public discussion focuses exclusively on lump sums. To the average member, some of the numbers bandied about sound more like Lotto prizes than real life targets, so no wonder they switch off and fail to engage. One way to change the focus is through online calculators that generate income projections. These are becoming more common, but to be really useful they need to be more comprehensive and more consistent in their design, assumptions and outcomes.