The Great-West Life Assurance Company today launched an innovative online calculator to help group retirement savings plan members see how even a small increase in their contribution to their employer-sponsored group retirement savings plan can increase their annual income in retirement.

The My 1 per cent advantage calculator can be accessed by plan members using their BlackBerry or iPhone smartphone from www.my1percentadvantage.ca.

“People want access to resources that can help them make decisions to help achieve their retirement savings goals,” says Michael Campbell, vice president, group retirement services marketing at Great-West Life.

“This new calculator not only helps plan members see the difference that a small increase in contributions can make, it also allows them to change their contribution rate quickly and easily.”

Mobile tools are an increasingly popular way to access information, as nearly one in three Canadians with wireless services owns a smartphone, according to consumer research firm J.D. Power & Associates.

With easy-to-read graphics, the calculator can help plan members get a good picture of what they can do to reach their retirement savings goals. For a 25 year old plan member currently earning $30,000 a year, an additional one per cent of salary — ie. $300 — contributed each year can add up to $1,431 more in annual retirement income.

“We believe we’re first in making this type of tool easily accessible on a smart phone,” Campbell says.

In many instances, plan members can have access to a customized version of the calculator that includes their employer’s matching contribution.

IE