The application features a calculator that suggests how much a user should spend, save and insure each year to achieve a stable living standard through retirement.
Once a user’s individual data points are entered, the calculator displays “Your Results for This Year” as well as a “Lifetime Overview,” an interactive timeline that plots savings and discretionary spending over time. Financial planning tips are incorporated throughout the calculator.
The calculator is powered by ESPlanner which was created by its president, Boston University Professor of Economics Laurence J. Kotlikoff.
The app is sponsored by Northwestern Mutual. When user’s tap on the insurance company’s banner ads at the bottom of the app, they’re connected to videos by Northwester execs giving financial planning advise.
Other features of the free app include:
- A live-stream of latest retirement news from Forbes
- Financial advice from leading financial experts and key points to help begin a user’s long term planning
- The ability to save articles and results, creating a content portfolio of all relevant information that can be shared via email, Facebook, and Twitter
Creating an app with an advertiser
In a blog post earlier this week entitled “What happens when you build an app with an advertiser looking over your shoulder,” Forbes senior VP of product development and video Andrea Spiegel detailed some of the considerations and planning the media company goes through in finding a partner.
“There is a leap of faith that often comes into play when editorial meets advertiser,” she said.
Spiegel added that Northwestern had no involvement in editorial development of the app, but did pay to be an exclusive sponsor, meaning only their ads appear in the app.