The Aviva Savings and Pensions Institute has launched the first application for smartphones which is capable of giving an estimate of the retirement pension which will be received upon reaching retirement.
- In just a few steps, it offers an estimate of the amount of the pension to be received and allows people to plan their savings in a sustained way.
- This tool incorporates the latest changes in the IRPF and the reform of pensions.
- According to the figures of the Aviva Savings and Pensions Institute, three out of every 10 persons approaching retirement in Spain do not know, or have not thought, how much money they would need in order to maintain a certain standard of living in retirement.
The Aviva Savings and Pensions Institute has launched the first application for smartphones which is capable of giving an estimate of the retirement pension which will be received upon reaching retirement. This is a tool which is very simple to use, addressed to the general public, updated according to the latest changes in the IRPF and the reform of pensions, which takes into account the particular situation of each user as regards contributions, salary and the possibility of complementing State benefits with private plans.
Ignacio Izquierdo, managing director of Aviva, states that: “One of the objectives of the Aviva Institute is to provide people with the research and the analysis and assessment tools that they need on social welfare and long-term savings. This calculator is set up as a tool which helps people to take decisions about their retirement with actual figures”.
According to the figures of Generaciones, the latest study of the Aviva Savings and Pensions Institute, three out of every 10 persons approaching retirement in Spain do not know, or have not thought, how much money they would need in order to maintain a certain standard of living in retirement. The retirement calculator is part of the initiative of the Aviva Institute and helps people to obtain information on their situation, and to understand the importance of regular saving and planning in order to achieve the desired standard of living after retirement.
Juan José Velasco, director of the Aviva Savings and Pensions Institute, has affirmed that: “It is of vital importance that citizens should have the necessary information to know what their income will be in retirement. This is the only way in which we can undertake responsibility for our savings in order to achieve an adequate standard of living in the future”.
The retirement calculator is available free of charge both for mobile phones and tablets with an Android and Apple system, and from certain basic figures (age, sex, gross salary, contribution group and years contributed), it provides information and values in graphic form and percentages of cover of social security, forecast contributions and those recommended for the desired standard of living, allowing instantaneous calculation modifying the latter two values. The application, in its advanced data menu, offers a calculation best suited to the profile of each person, incorporating parameters such as dependents, complementary systems etc.
The links to download the application, both for Android and for Apple, are available as follows:
The retirement calculator is also available on the web page of the Aviva Savings and Pensions Institute
The application of the retirement calculator allows other functionalities and figures, including the following:
- To know the contribution that must be made in order to obtain the desired benefit.
- To know the percentages of cover of social security, the forecast contributions and those recommended according to the desired purchasing power upon retirement.
- To automatically re-calculate all of the information by using the values of recommended annual contributions and desired purchasing power.
- To send an email with additional information in an attached report drawn up as a pdf with additional information such as:
- The tax savings that will be obtained with this contribution in the first year
- Final capital that would be obtained upon retirement
- Detail of the supposed future benefit.
- Possible options of cover of the investment in the private part, as capital and as income.
- To see the differences in the calculations according to the risk profile associated with an estimated profitability.
- Generation of financial and fiscal tables and graphs.
- The email also provides a direct link to the application in the web version, which is available in the public website of the Aviva Institute in its most complete and user-friendly version, with the added functionality of providing the fields filled in with the data that we entered in the mobile application so as not to have to enter them again or remember them.
Aviva, a responsible company
Aviva, within its work as a socially responsible company, will donate €1 for each application downloaded by users until some of the microcredit projects being carried out by the Orbayu Foundation in Quito (Ecuador) have been financed.
The Orbayu Foundation, which is sponsored by representatives of Aviva, ESIC and the missionaries of the congregation of the Sagrado Corazón de Jesús (SCJ), aims to promote economic and social development in some of the poorest areas of South America and Africa by means of granting micro-credits.
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For further information:
Beatriz Egido
Telephone: +34 91 418 4852
Email: beatriz.egido@edelman.com
Laura Villuendas
Telephone: +34 91 297 18 17 / +34 696 576 921
Email: laura.villuendas@aviva.es
Notes to editors
The Aviva Savings and Pensions Institute is a platform of research and debate created by Aviva, the major European life insurance and pensions group. Its main objective is to promote the debate on the issue of sustainable savings and to indicate two key action areas: helping people to understand their financial decisions and promoting collective collaboration to change consumer attitudes to long-term savings.
The basic pillar of the Institute consists of a Forum of Experts including seven professionals and researchers from the world of economics and pensions, chaired by Guillermo de la Dehesa. The activity of the Institute is maintained in three areas of action: research and reflection work of the Forum of Experts, the generation of periodical studies on the subject of pensions and long-term savings, and the development of tools of analysis, assistance and consultancy for citizens.
www.institutoavivadeahorroypensiones.es