Yes, sound financial planning is an individual onus.
However, if you are a financial services provider, or an institution working for the State that offers pension plans to individuals, you need customized mobile applications to simplify and untangle your complex process of calculating retirement income.
Tools to calculate various types of pension plans need to be examined with their pros and cons.
Use of Excel Retirement Savings Calc
Until recently, calculators based on Microsoft Excel were the only available tools to calculate anything. Such calculators have their own appeal and advantages. But, the catch is they demand lengthier and more complex processes. It is here that they confine themselves and end up as tools available only for a few.
Retirement income calculator apps based on Excel often require devices such as desktop/laptop. Having installed them, you also need to set up formulas to calculate ideal retirement income.
Ideal income is calculated based on certain criteria. You need to accommodate all of them in excel sheet. This manual operating of the spread sheet many a times increases the chances of error. The outcome needless to say would be faulty and misleading.
Use of Mobile Applications to Calculate Retirement Income
If you are a financial institution, and want to launch a unique pension plan, offering of mobile application along with it would be a great idea. It makes you on top of the institutions that know how to use technology to make customers comfortable and in control of their financial health. Some of the most attractive features of such calculator are:
- They can be customized as per the users’ income, age and present financial condition
- Customers only need them to be installed in their mobile
- No need of desktop/laptop or knowledge of Excel and complex formulas
- Takes into consideration fluctuations in economy i.e. inflation and other parameters
- Makes customers more mobile and flexible
Benefits of Mobile Applications over Excel Pension Calculator
The features mentioned speak a lot about the benefits of such mobile applications. Let us have a look at some more benefits:
- Customers just need to enter some basic information which is stored automatically
- Whenever there is any fluctuation in economy, customers can just enter the fluctuation without bothering to provide basic information such as age, name, basic income etc.
- The exact amount is just one click away
- Powerful graphs and charts explain with much clarity and ease
- Applications can also suggest other ways to cope up with fluctuations
- They can also set realistic financial goals for customers
- Provide other references to read and explore to plan a sound retirement
- Provides security for data
- It reaches out to millions of customers thereby increasing your credibility and reputation
Getting an experienced technology partner to develop such mobile applications
You need to look for a technology company that understands both – technology and its execution. Space-O is one such technology company. You can take a look over here.
Give us a call to know initial quote and other possibilities.