BlackRock has launched a retirement planning tool that gives projections on real time data across interest rates, inflation expectations, mortality projections and other factors. Called CoRI, the tool that is powered by BlackRock’s CoRI Retirement Indices and is targeted at individuals aged 55 to 74.
CoRI is designed to enable those in their pre-retirement years to quickly calculate how much they need to save, in order to generate a specific annual retirement income. For individuals over 65, CoRI enables them to assess the breadth of their pension pot and evaluate strategies for generating income.
Data is updated daily to provide an accurate picture of future annual retirement income. BlackRock says this distinguishes it from other tools for retirement planning, which are retrospective and not responsive to real-time market variables.
Today there are 20 CoRI indices, one each for specific year when individuals turn age 65, between 2006 to 2025.
The tool also allows investors to measure the value of their existing portfolios against their goals for retirement income and enables them to track the progress of their retirement income and adjust their investment plan if necessary.
BlackRock head of UK retail Tony Stenning says: “What is clear is that individuals need help to identify what they need in retirement. 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.”