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Examples of Retirement/Pensions Apps / Websites / Services

Examples of pension and retirement scenario tools on the market that display financial projections in a way that is user-friendly

Photo of Kate Rushton
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Inspired by the following posts, I decided to investigate some of the different pension calculator tools on the market:

Gamification by @Trey Ng

Sorted by @Anne-Laure Fayard

LV Pensions Village: Pension modeller

This is an 'easy-to-use' interactive pension calculator that gives you your pension outlook based on current income, contributions and using the analogy of a weather forecast. Your outlook is stormy, rainy and cloudy. 

I have attached a screen grab of a forecast outcome. 

There is also a lifestyle for retirement calculator, cost of delaying payments for retirement calculator and a small change calculator. 

Blooom

"Blooom is an online platform that enables its users to outsource the management of their 401k accounts to financial advisors."

Taken from Crunchbase

"For just $15 a month, you can connect Blooom to most 401k accounts. The service analysis your portfolio and makes investment recommendations. Importantly, it knows (or you can cell it) what mutual funds are available in your 401k.  It offers a very easy to understand assessment of your investments. And if you use the service to manage your 401k, it will invest your monthly contributions and rebalance your portfolio as needed."

The drawback is it "evaluates your 401k investments assuming that you have no other investments."

Taken from Forbes

It uses the analogy of flowers in bloom to display the health of your pension.

I have attached a screen grab of a flower in bloom and one that is wilting and the video introduction for Blooom.  

Pension Bee

Not a pension scenario tool per se but Pension Bee combines "all of your pensions into a single, good value online plan". It aggregates existing pension accounts from prior employers .

The company 'hunts' for all your pensions, adds them together into one online plan, and you can then set up regular payments or top up on an ad hoc basis. 

Virtual Reality Research

I am struggling to find commercial uses of VR in the pension/retirement context.

However, there is a lot of research in this space. 

To make long-term financial goals more achievable, you must make yourself feel as if the future is now.

"The project underway at Stanford seeks to close this gap between the present self and the future self, without turning young people into misers. By enabling the young to see themselves as they will be when they are old, virtual-reality technology can transform their urge to spend for today into a willingness to save for tomorrow."

"These researchers are tapping into what is called the Proteus effect, behavioral alterations in the real world that are triggered by changes in how our bodies appear to us in a virtual world."

Taken from the Wall Street Journal.

I am not endorsing any company mentioned here. This is for information purposes. 

If you find some more really good companies in this space, please would you make a post for them. 

What is a provocation or insight that might inspire others during this challenge?

How can we display financial information in a way that resonates with people and inspires them to action? What tools are there on the market that can be utilized for this purpose? What good examples are there on the market in other industries that could be used for this purpose? Can we capitalise on The Proteus effect?

Tell us about your work experience:

I am the Community Guide for this challenge. My profile is here - https://challenges.openideo.com/profiles/113867776195488464382

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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Photo of Jaskeerat Bedi

Kate Rushton : Hey Kate! This post resonated well for me. Thanks for sharing the wonderful resources. In fact, Anne-Laure Fayard insightful interview posts, also reflect a similar thought > Having a future outlook of ourselves holds a stronger possibility for us to plan for it! #30isthenew50