09 Jun LifeSight introduces My Inventory
Many people find planning for retirement difficult because they have no idea of their future financial position and expenses. Often today, their retirement savings are fragmented with pensions from various employers and other (third and fourth pillar) provisions, making it difficult to have a good overview. However, the reality of today’s retirement environment requires workers to periodically delve into the question of whether their accrued and expected pension savings are sufficient for future spending. This is easier said than done.
LifeSight can help
With LifeSight, we actively manage steps to take during various stages of the pension plan participant’s life. The first step is the mapping of the overall pension situation for each participant. LifeSight makes mapping accessible and easy by choosing my Inventory in our participant portal.
When logging into our portal for the first time, a participant’s best route is via My Start to create a dashboard overview of the fundamentals of his or her pension situation. With the basics done, participants realize that the more information they provide, the clearer and more accurate their retirement picture becomes. If the participant skips My Start, the portal shows default values, which are based on data from the National Institute for Consumer Spending.
How LifeSight works
In addition to displaying the pension situation of the participant, the Dashboard also shows the accuracy of the amounts. A progress meter, similar to LinkedIn’s profile meter, indicates whether the participant’s pension profile is only partially or fully completed. The Dashboard asks interactive questions to prompt completing the profile. Through the Inventory page, a participant may further complete the profile, resulting in a more reliable Dashboard.
Participants can use the download function at www.mijnpensioenoverzicht.nl to automatically add other pension benefits as well as annuities and other retirement savings. By asking smart questions, My Inventory quickly and transparently gives an overview of a participant’s projected spending during retirement. This allows the participant to establish his or her retirement goal. If something changes in the participant’s personal situation, he or she can sign up for automatic alerts to adjust the amounts. There is also a module that determines whether someone has lived or worked in other countries to determine the correct state pension.
My Inventory helps participants, in a simple way, to map their pension situation. This marks the first step in the personal retirement planning process.
Want to know more about this article or do you have any other questions? Contact Edwin van den Oever.