Panicking like mad - pension advice needed!

Jo1971

Lokolo wrote: »

Todays value is what you would get today. Future value is the actual figure you'll get (approximately). So you may get £15k a year, but actually, in todays value its £7k.

Hello, so if it says I'd get £7k per year in todays money - would that £7k a year be the same from age 67 for the next twenty years, or however long, as it would erode in value?

(I know what you mean about the actual amount being higher, but I'm wondering would the amount they pay you each year increase with inflation?)

Jo1971

Just wanted to check re. State Pension

Mine is basic plus a bit extra for contributions - approx 170 per week in todays money.

If my partners is say the same as mine, would we lose out on this if we got married?

Hovel_lady

Jo1971 wrote: »

Just wanted to check re. State Pension

Mine is basic plus a bit extra for contributions - approx 170 per week in todays money.

If my partners is say the same as mine, would we lose out on this if we got married?

No, you wouldn't

Lokolo

Jo1971 wrote: »

Hello, so if it says I'd get £7k per year in todays money - would that £7k a year be the same from age 67 for the next twenty years, or however long, as it would erode in value?

(I know what you mean about the actual amount being higher, but I'm wondering would the amount they pay you each year increase with inflation?)

When you have done the figures and the bar graph comes up you can see the annuity options from the Advanced Options button to the right.

The default one has 50% spouse on your death, has a 3% increase each year etc. so you can play around with these things (for example, if you have no reason for money to go to someone else you can set to 0% spouse, which will increase your monthly income).

You should also be careful about relying on this. It does make assumptions, such as investment growth and annuity rates. Lately annuity rates have been falling, and they could continue to do so.

Zelazny

fairleads wrote: »

I've yet to see an online pension/retirement calculator that delivers to my satisfaction. Suffice it to say however that saving 300/month for 27 yrs should deliver enough income that will, when combined with your state pension, provide enough to live on.

Out of interest, what is it that you seek from an online pension/retirement calculator that is not satisfied by the ones currently out there?

fairleads

Zelazny wrote: »

Out of interest, what is it that you seek from an online pension/retirement calculator that is not satisfied by the ones currently out there?

Accuracy and transparency