Retirement income calculator
TheShape
Posts: 1,779 Forumite
Can anyone point me towards a calculator(s) that I can use to estimate my 'retirement' income?
Most of the calculators I can find want me to enter a pension fund amount and the income I wish to have each year. They then make a number of assumptions re investment growth, inflation etc and tell me when the income will run out based upon current value. Invariably there will be a link to click or number to call to help me reach my retirement goals.
What I'm looking for is a calculator where I can input my current retirement savings/investments from my SIPP, S&S ISA, LISA (these are planned to be my retirement savings), add an assumed rate of growth, and assumed rate of inflation. I'd then like to be able to add a withdrawal rate and have the calculator return the level of annual/monthly income or perhaps enter the number of years I want to run the investments down to zero and receive an annual withdrawal figure.
The retirement income estimator on the fidelity website perhaps comes closest but makes assumptions about investment return, inflation etc that I can't see. It also assumes I'm 55 and assumes my life expectancy from there.
I expect DB pensions/state pension to make up the majority of my retirement income so would like to calculate various scenarios for retirement date/income using present (and future expected) investment values and be able to do so each year to get a snap-shot of 'current provision'.
(I hope all this makes sense).
Most of the calculators I can find want me to enter a pension fund amount and the income I wish to have each year. They then make a number of assumptions re investment growth, inflation etc and tell me when the income will run out based upon current value. Invariably there will be a link to click or number to call to help me reach my retirement goals.
What I'm looking for is a calculator where I can input my current retirement savings/investments from my SIPP, S&S ISA, LISA (these are planned to be my retirement savings), add an assumed rate of growth, and assumed rate of inflation. I'd then like to be able to add a withdrawal rate and have the calculator return the level of annual/monthly income or perhaps enter the number of years I want to run the investments down to zero and receive an annual withdrawal figure.
The retirement income estimator on the fidelity website perhaps comes closest but makes assumptions about investment return, inflation etc that I can't see. It also assumes I'm 55 and assumes my life expectancy from there.
I expect DB pensions/state pension to make up the majority of my retirement income so would like to calculate various scenarios for retirement date/income using present (and future expected) investment values and be able to do so each year to get a snap-shot of 'current provision'.
(I hope all this makes sense).
0
Comments
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Won't help you with Lisa's ans Isa's, but may help.
https://www.tidewaywealth.co.uk/l/calculator_drawdown0 -
Won't help you with Lisa's ans Isa's, but may help.
https://www.tidewaywealth.co.uk/l/calculator_drawdown
Thanks
I had seen that calculator. It's an example of what I've mainly seen. Enter your pension value, enter how much income you want per year. Result: This is when it will run out. It also won't accept a fund value <£100k. The option to specify different levels of expected return is useful though.
To put simply I'd like the calculator above but to input the term of the draw-down and have the income per year returned as the result.0 -
Sounds like these maybe useful, although they are US based.
http://www.cfiresim.com/
https://www.firecalc.com/0 -
I did a bit of googling after reading your question. Very hard to find something along the lines you want.
The best I found was at: http://www.iii.co.uk/sipp/pension-calculator
It doesn’t have quite the flexibility you were looking for, but you can work around some of the shortcomings, given that all of your investment types offer tax free growth. It does allow for future accumulation before decumulation. It has some elements of inflation for future contributions but you could input real rates on investment growth to allow for returns above inflation. And whilst it doesn’t have the withdrawal rate, it does allow you to play with different assumptions for growth and income levels.0
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