Tools and calculators
A number of tools and calculators are also available for you to use, to assist in your retirement planning, and these can be accessed through the links below:
Longevity Calculator – gives an indication of how long you are likely to live, considering your age and quality of health.
Drawdown Risk Calculator – compares the income you could expect from an annuity, with the same level of income taken from income drawdown.
Quick Income Builder Calculator – helps you see the different levels of income your pension savings could deliver, using combinations of cash withdrawals, income from an annuity and income from income drawdown.
Retirement Budget Calculator – helps calculate your expected monthly expenditure in retirement.
Pension Tax Calculator – helps you work out how much income tax you would need to pay if you take a one-off payment from your pension pot.
In addition, the Department for Work and Pensions (DWP) has introduced a ‘Mid-Life MOT‘ portal, through which you can have access to free, professional and independent guidance to help you with pension planning, working options and staying healthy. This site can be accessed through this link here.