United Income created a retirement calculator that factors in a person’s health and their spending habits to help them plan for the future
Retirement calculators are tricky to get right, as they depend on predictions of multiple factors, including how healthy the economy remains and whether the individual stays continuously employed. A new retirement financial advising company, United Income, is using software and big data to optimize an individual’s long-term retirement fund.
Traditional retirement plans only look at the amount of money a person makes and how much they should save, and then use math to show how much that saved money will grow over time. United Income uses this method as well; however, it also brings focus to the estimated life span of a person and how much they plan to spend when they retire. This means the financial advisers will factor in a person’s education, health and spending habits.
United Income recommends its services to customers between the ages of 55 and 70, as they typically have to start considering when they should retire, along with how they need to handle their Social Security.
Lead Image: American Advisors Group | CC