Published on November 9th, 2017

The retirement cockpit by Clark

Clark develops comprehensive retirement solution

Retirement planning has never been so easy!

Do you know how much income you’ll receive in retirement and if it will be enough to maintain your life quality standards? Most likely not. According to a current study, two-thirds of Germans place good retirement security in the top 3 of their life goals. However, 61% of all Germans believe they will not have enough money to live on in their retirement. Despite these figures, there are zero solutions in Germany that show you your expected net retirement benefits in one platform – so far. With Clark you can now digitally manage your retirement arrangements easily & online.

More transparency, more satisfaction

“Clark already provides great transparency to our customers in relation to their insurance situation. Now, we have expanded our technology to cover retirement and pensions. Customers can expect the same ease of use and smoothness that they are used to from their digital Clark insurance management. ”, says Dr. Christopher Oster, CEO & Co-Founder of Clark.  In Germany, there are already several insurance based solutions for saving up for retirement. By offering their retirement solution to customers, Clark can expand its line of business into this field and participate in creating a complete product solution.

The algorithm behind the retirement cockpit

The retirement cockpit is based on a specially developed algorithm, developed by scientists. Multiple factors are considered when calculating a retirement plan/solution. These include, among others: age, expected savings and existing financial precautions. Future taxes and other financial duties also impact the result, as well as all existing care provisions like the mandatory, employer, or private retirement schemes.

Close the gaps in your retirement plan!

Based on your current care situation and your preferences, retirement experts will personally help you close any gaps in your retirement situation.  For example, as an employee it might make sense to consider an employee-based retirement plan. The biggest advantage: no taxes or social taxes are deducted from all payments of up to 254 € monthly (3.048 € yearly). So, for example, if you pay 200 € monthly from your gross income into the employee-based retirement scheme, then your net income will be approximately 100€ less. While this a bit less net income per month, you will have a much higher pay out later in your retirement.

How does it work?

Log in to Clark and select the “retirement” option”. Here you have the opportunity to upload your pension approval certificates, such as your mandatory retirement insurance. You can also submit additional precautionary measures like a current employer retirement plan or add any other asset savings you may have. Based on your current precautionary measures, the algorithm calculates a personal retirement plan. Your planned retirement expenditures will then be displayed with your net retirement amounts. This allows for an optimal overview of your expected retirement situation. **