Fund manager BlackRock has unveiled a new retirement income planning tool called CoRI, to help savers better plan their retirement savings.
The tool will helps those in their pre-retirement years to calculate how much they need to save to achieve a specific annual retirement income.
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The platform, which is powered by BlackRock’s CoRI Retirement Indices (CoRI Indices), aimed at those aged 55 to 74.
The tool uses real world, real time data, based on UK bond indices, which looks at current interest rates, inflation expectations, mortality projections and other factors.
Using this tool, investors can measure the value of their existing portfolios against their retirement goals. It w ill also enables them to track the progress of their retirement income and adjust their investment plan if required.
BlackRock currently comprises 20 CoRI indices covering the years from 2006 to 2025.
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By GlobalDataBlackRock head of UK retail Tony Stenning said: "Britons aged between 55 and 74 are battling the pre-retirement challenge, when planning is critical to financial security in their later years.
"Too much focus has been placed on the size of individuals pension pots rather than the amount of income they require and people need help to understand whether they will achieve their desired goal, and if not, what they need to do to close this gap. CoRI helps savers in a practical and very simple way. It uses real-time numbers to provide real answers and valuable insight into what their retirement may look like."
BlackRock chief retirement strategist Chip Castille said: "We have a once-in-a-generation opportunity to change people’s attitudes – they need to understand with certainty whether their savings will provide a sufficient income to support their desired lifestyle in retirement. CoRI will go some way to helping address that income challenge and help savers visualise their financial future."
