More than half of group insurance plan members aren’t sure how much they must contribute to their retirement fund in order to be comfortable in their golden years, according to a recent survey of Canadian capital accumulation plans members.

Two new retirement planning tools were launched this week to help clients combat this problem. Standard Life Assurance Company of Canada launched Retirement Checkup on Tuesday and today Industrial Alliance Insurance came out with Your Retirement Tracker. Both intend to help plan members keep retirement income in line with goals.

“Our Retirement Checkup specifically assists members in understanding the value of their current contributions and how this translates into retirement income,” said Teresa Morgan, national director, member services, group savings and retirement of Standard Life., in a release.

The Retirement Checkup allows members to get an annual “snapshot” of their projected retirement. Additional estimated income such as government pensions, previous employer plans or registered accounts can be calculated in as well to give future retirees a clearer picture of how their savings will look down the road.

If there are gaps or surpluses in the annual retirement savings, members are provided with instructions to help make adjustments that will rectify the problems.

In a similar vein, Industrial Alliance’s Your Retirement Tracker gives members an easy-to-read analysis of their financial situation, including both funds accumulated with the company as well as savings from external sources such as pension plans.

“Even if you regularly contribute to a retirement plan with your employer, it’s hard to know if your savings will meet your retirement needs,” said Lucie Lachance, director, actuarial and marketing services, group pensions at Industrial Alliance, in a release.

The company says the product will go beyond simple projections by providing personalized suggestions and support.