Retirement Calculator

A healthy retirement requires thinking ahead. Retirement can be one of the most complex elements of the finanical planning process.

How much do you need to save?

Step 1:

Decide your target retirement age and the annual income you will need in retirement in today's terms.

Note:

Remember that you have 7 days to fill with activities and lots of additional time for family, friends and holidays.

Think about how much medical insurance will cost you as it can be very expensive later in life.

We are assuming that you have paid off your mortgage and be debt free.

Step 2:

Determine a realistic annualised long term inflation rate in the country you want to retire.
Risk and reward go hand in hand. The more risk that you are prepared to take increases your chances of a greater return on your investments. However, it also increases the volatility of a portfolio and the chance of loss.

Note:

The further you are from retirement the more volatility you may be able to withstand as your portfolio will have longer left to make up any potential downturn.

As you get older and closer to drawing on your pension you should generally be in a safer portfolio to reduce the impact a downturn would have on your retirement income.

Everyone has a different capacity and tolerance for risk. To find out your please contact me

Step 3:

If you have a final pension scheme, obtain an estimate of its value from your plan provider. This should be the benefit that it pays you per year. You should get this sent to you every year.
If you have a personal pension, what is the value of the total fund pot. You can obtain this by calling your provider. This may be a personal pension or one that you contributed through a company that you worked for.
What is the value of your existing investments that you plan on using for retirement
What is the anualised rental income that you are receiving today. The calculator will inflate this for you.
If you are currently saving for your retirement, please include the monthly figure that you are saving.

If you're on track, Congratulations! Make sure that it remains this way. Contact me so I can make sure that your investments are being managed correctly and you are taking the correct level of risk.

If you're not don't panic and don't bury your head in the sand. Saving an affordable amount regularly is a fantastic starting point that can be built on. Contact me to find out how.