Robo-adviser Scalable Capital has launched a retirement calculator to help savers find out how much they need to set aside and how much risk they should take.
The calculator - which Scalable Capital has called a "Time Machine" - takes into account not only the investor's current age, life expectancy, statutory retirement age and individual risk tolerance, but also the effect of inflation.
Users can change the parameters to test how different assumptions would affect their retirement income.
Simon Miller, co-founder and UK chief executive of Scalable Capital, said: "For most people, private retirement provision is a mystery. Many do not know how much money they will need to set aside for their retirement.
"Others ask us whether their current savings plan is sufficient to secure their standard of living in old age. Our Time Machine provides answers to all these questions.
"We want to encourage people, in a playful way, to plan responsibly for their retirement and set the right course for their future."
Scalable Capital said it was working on including options for the investor to set aside part of the assets for inheritance in a future version of the calculator.
The robo-adviser uses a sensitivity analysis to make it transparent how monthly payments could be affected by particularly good and particularly bad capital market scenarios.
Users can view future payments nominally and in real terms to gives a realistic assessment of the actual purchasing power of their income in retirement.
Scalable Capital launched in the UK in 2016 and has assets under management of more than £600m, with more than 20,000 clients.
In June 2017 BlackRock took a "significant minority stake" in Scalable Capital.
damian.fantato@ft.com
