Retirement healthcheck improves retirement outcomes for SMSF retirees | Accurium

Accurium’s retirement healthcheck service considers a household's ability to sustain a desired lifestyle throughout retirement.

There are many ‘straight line’ retirement projection tools available in the market.  However, in order to assess the sustainability of a retired household’s financial forecasts, the tool should allow for the risks faced in retirement.  The two greatest risks faced by retirees include longevity and market risk, which we believe aren’t adequately allowed for by a number of current industry tools.

Accurium’s retirement healthcheck was built with the purpose of addressing the inadequacies of common retirement tools, by taking into consideration a realistic picture of retirement. It's a pioneering SMSF retirement risk assessment service which can help determine whether SMSF trustees have adequate funds to meet their needs in retirement. The Retirement Adequacy Model that sits behind the retirement healthcheck suggests that a typical 65-year-old SMSF trustee couple requires around $1.8million in total wealth to support $100,000 p.a. for life with 80% confidence.  However, based on our database, only 28% of SMSF couples can be confident of affording this lifestyle.

Accountants and advisers are using the retirement healthcheck as a regular part of their service offering to SMSF clients with positive outcomes including improving client relationships and enhancing business services.

Based on feedback we have received from clients, we are now providing practice management support collateral to further assist in using and implementing the retirement healthcheck service within your organisation.

Retirement healthcheck page

To show your clients that you put their needs at the forefront of the conversation we have created a retirement healthcheck page which brings together a comprehensive set of resources to help you talk about retirement goals and objectives with your clients.

These resources include:

  • a letter and budgeting tool you can send to your clients advertising the retirement healthcheck service,
  • a guide for accountants on how to use the retirement healthcheck under different licencing and non-licencing arrangements,
  • a factsheet outlining benchmark levels of savings required to fund different levels of spending in retirement, and
  • training videos to upskill your staff on the issues around retirement and using the retirement healthcheck. 
Retirement healthcheck snapshot

Clients ordering an actuarial certificate will now be presented with a free report outlining how sustainable a members’ SMSF balance is to fund chosen pension drawings. The balance and pension drawings can be quickly adjusted on screen.  This report provides SMSF trustees with illustrations that show the importance of considering the sustainability of their retirement savings and can be used by you as a lead generator for the full retirement healthcheck service. The report can also be emailed to a colleague should you wish to refer the client to another part of your business for the retirement healthcheck service. 

An example of the results of the retirement healthcheck snapshot is shown below:

Retirement healthcheck improves retirement outcomes for SMSF retirees

Should you have any feedback or questions about Accurium’s retirement healthcheck please contact us on 1800 203 123.

The information in this document is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, tax advice or legal advice and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances.  While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision. We recommend that you seek appropriate professional advice before making any financial decisions.