RetireSmart: Innovative AI Application for Calculating National and Supplementary Pensions

Category :

AI Application

Client :

Siamakis & Partners Law Firm

01 . The Challenge

Calculating pension benefits in Greece is a complex and often overwhelming process for those approaching retirement. Constantly changing legislation, countless exceptions for different professions, and complex calculation methods lead to uncertainty and frustration. Individuals often turn to labor law firms to understand their pension rights, a solution that is both time-intensive and costly. Additionally, official agencies sometimes provide inaccurate calculations, leading to financial discrepancies that leave people needing clarification about whether to appeal or accept the pension amount.

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thefuturecats-innovation-consultancy-projects-RetireSmart Innovative AI Application for Calculating National and Supplementary Pensions-Website-banner-1-001

02 . The Solution

02 . The Solution

To address the complexities of pension calculations, TheFutureCats Innovation Consultancy and Siamakis & Partners Law Firm developed RetireSmart—the first AI-powered application in Greece. This reliable and user-friendly tool is designed for simplicity and ease of use, particularly for the 65+ generation. RetireSmart not only promotes digital literacy but also streamlines pension planning, offering:

  • National Pension Calculations: Users input their retirement age and years of insurance, receiving accurate results. RetireSmart offers guidance if adjustments are needed to maximize pensions.
  • Contributory Pension Calculations: By entering annual earnings (e.g., from Atlas or EFKA) and, optionally, insurance days, users achieve up to 99.9% accuracy. AI algorithms handle complex factors like notional years of service.

The development followed three main stages:

  1. Foundational AI Development: We created a natural language processing (NLP) model to analyze pension legislation, adapting automatically to updates and categorizing specific cases for a comprehensive knowledge base.
  2. Accuracy Optimization: We continually incorporated machine learning to improve prediction accuracy and developed a cross-validation system using user historical data.
  3. Integration & Real-Time Updates: The system was integrated with digital sources, such as EFKA, TAXIS, and Atlas, to retrieve data automatically, with secure processing of personal information and real-time updates.

Built on a cloud-native microservices architecture with a Python-Django backend and React.js frontend, RetireSmart emphasizes accessibility and data protection. Key features include:

  • Machine learning for recognizing pension patterns.
  • Automated scenario simulations.
  • Optimized recommendations to simplify the retirement planning process.

The application is accessible to all, regardless of age, and only basic computer knowledge is needed. The average user age is 55-61, with only 5% requiring technical support, demonstrating its usability even for those less familiar with digital tools. Industry professionals have also provided positive feedback.

Ready to simplify your pension calculations? Visit RetireSmart and take control of your retirement planning!