There are all sorts of pension calculators available, provided via Government-run online resources, pension providers and investment-focused websites, that help give a good approximation of the size of pension pot required to provide a desired retirement income.
They also helpfully tell us how much we have to start squirreling away in a pension plan every month to achieve the size of final pot that will be required to achieve that income level. That’s often the slightly, to very, shocking part, especially for those who have nonchalantly strolled deep into their thirties or beyond before giving it much thought.
Once that shock has dissipated and firm personal commitments have been made to bow to the pension calculator’s command and start making the sacrifices necessary to live out a retirement full of fun and frolics and not one shivering in a cold house, living on beans on toast, one question remains unanswered. How does the calculator know at what point I will finally shuffle off this mortal coil?
Topics covered in this Guide
- Calculate Minimum Budget
- Calculate Ideal Budget
- Margin for error and inflation
- Plotting the course of retirement
- How much income can your pension provide without the pot’s value being depleted?
- Periodical Draw Down of Cash Chunks
- Planning for Care Expenses
- Plan B
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