RetireEasy is a new pension dashboard and retirement planning tool which aims to fill the space left following the closure of Royal London’s Money Manager service, which we reported on at the start of September.
The UKâ€™s only independent retirement planning tool with live daily updates on stocks and fund values will be launched by RetireEasy.co.uk on 30 September, which will coincide with the closure of Royal Londonâ€™s live Money Manager service for approximately 30,000 users.
Royal London jettisoned its users â€“ both retirees and pre-retirees â€“ of its Money Manager financial planning service on 30 September by closing all existing plans. Instead, it has said it will provide a series of online guides and tools, although these will not be bespoke to each user.
However, RetireEasy believes that market volatility means it has never been more important for those in and nearing retirement to receive tailored, live updates on the value of their investments: even though state pensions have outstripped inflation due to the triple-lock pensions system, average retirement incomes have fallen since pensions liberalisation in April 2015.
In partnership with Morningstar, a provider of independent investment research, RetireEasyâ€™s new â€˜Premiumâ€™ LifePlan service provides daily updates on the value of usersâ€™ stocks and funds portfolios for Â£3.99 per month.
RetireEasyâ€™s LifePlan gives users an overview of all of their assets â€“ including investments, pensions, savings, business assets and properties â€“ and the income they receive.
The new Premium LifePlan not only provides live updates on stocks and fund values to users of the new Premium service, but subscribers can also model a Lifetime Mortgage, create and compare multiple scenarios of their financial future, radically reduce life insurance costs through a Life Assurance Premium Checker and print user-friendly narrative reports.
New users can also access RetireEasyâ€™s â€˜Classicâ€™ and â€˜Basicâ€™ services, which do not feature live updates, but provide a number of planning tools that users can choose depending on their needs. The â€˜Classicâ€™ service will be available to new users at Â£1.99 per month and the â€˜Basicâ€™ service will be free of charge.
Richard and Naomi Collinson, Co-founders of RetireEasy.co.uk, said:
â€œWe launched RetireEasy six years ago in order to give peace of mind to those in or nearing retirement. Our aim was to help them see how much money they can live on without worrying about their future financial security.
â€œHowever, given the volatility of the markets and falling pensions returns, launching a live update service for shares and funds becomes ever more important and is the next logical step. As other providers pull out of this market despite the dire need among retirees, we hope to give them solace: they can now be aware of the real value of their assets, at any time, allowing them to plan for their financial futures.â€
Here’s a diagram that RetireEasy have put together to explain the process: