Retirement Planning Tools

cfw1994

Just happened across https://www.standardlife.co.uk/retirement/tools - thought I would share it here.
Looks like a really quick and simple way to enter a range of things (multiple pensions, pots), for both you and your partner.  
I like the short summary that builds up a simple bar chart to show they tell you what you have to live on: snip below before it adds a big purple splodge adding in your savings/DC pots to take you to what you can live on.

Slightly odd that they ignore shares you entered: maybe they imagine them all disappearing
...but otherwise REALLY fast and REALLY simple.  With no obligation to speak with them at all!

cfw1994

westv said:

Do you have to register to use the Standard Life tool?

Nope!
You are asked for email so they can send you a link to return to: I have no problem with that!   Give it a whirl, see what you think!

westv

It's a pity the SL calculator assumes all final salary pensions are inflation adjusted.

cfw1994

westv said:

It's a pity the SL calculator assumes all final salary pensions are inflation adjusted.

As in "will go up broadly in line with inflation" ?
I hadn't especially spotted that...but I know our (small!) ones have some annual increase, so I think that isn't unreasonable.   
As with anything looking 10/20/30 years ahead, they are only broad guidelines, so I would be happy with that assumption.   
Do you have a DB pension that remains flat?   That would be unusual, surely?

westv

cfw1994 said:

westv said:

It's a pity the SL calculator assumes all final salary pensions are inflation adjusted.

As in "will go up broadly in line with inflation" ?
I hadn't especially spotted that...but I know our (small!) ones have some annual increase, so I think that isn't unreasonable.   
As with anything looking 10/20/30 years ahead, they are only broad guidelines, so I would be happy with that assumption.   
Do you have a DB pension that remains flat?   That would be unusual, surely?

PPF pension.
Also, where do you enter a retirement date?

cfw1994

westv said:

cfw1994 said:

westv said:

It's a pity the SL calculator assumes all final salary pensions are inflation adjusted.

As in "will go up broadly in line with inflation" ?
I hadn't especially spotted that...but I know our (small!) ones have some annual increase, so I think that isn't unreasonable.   
As with anything looking 10/20/30 years ahead, they are only broad guidelines, so I would be happy with that assumption.   
Do you have a DB pension that remains flat?   That would be unusual, surely?

PPF pension.
Also, where do you enter a retirement date?

PPF?   Pension Protection Fund?   Now I'm confused!
You get to pick a retirement age after putting in purchases etc.

westv

cfw1994 said:

westv said:

cfw1994 said:

westv said:

It's a pity the SL calculator assumes all final salary pensions are inflation adjusted.

As in "will go up broadly in line with inflation" ?
I hadn't especially spotted that...but I know our (small!) ones have some annual increase, so I think that isn't unreasonable.   
As with anything looking 10/20/30 years ahead, they are only broad guidelines, so I would be happy with that assumption.   
Do you have a DB pension that remains flat?   That would be unusual, surely?

PPF pension.
Also, where do you enter a retirement date?

PPF?   Pension Protection Fund?   Now I'm confused!
You get to pick a retirement age after putting in purchases etc.

Yep. Or FAS as it used to be.

westv

cfw1994 said:

westv said:

Do you have to register to use the Standard Life tool?

Nope!
You are asked for email so they can send you a link to return to: I have no problem with that!   Give it a whirl, see what you think!

Yes seems ok. I still don't see anywhere to change the retirement date - it seems to assume I'll retire when my DB pension starts at 60.

cfw1994

westv said:

cfw1994 said:

westv said:

Do you have to register to use the Standard Life tool?

Nope!
You are asked for email so they can send you a link to return to: I have no problem with that!   Give it a whirl, see what you think!

Yes seems ok. I still don't see anywhere to change the retirement date - it seems to assume I'll retire when my DB pension starts at 60.

Very odd.  Even if I go back in, I get to choose again:

Did you continue to the point where it showed you an illustration? 

nbal

Mrs nbal and I are both 57, both working, a number or DB and DC pensions between us, full state pension and thinking about when to retire. We need a free tool to map out scenarios (lump sum payments, changed pension contributions, lower salary/part-time working, retirement ages, ...) so we can decide what's best for us. Standard Life planner is good, but its difficult to go back and change inputs without SL repeating we need to talk to their retirement people!

Does anyone have any other recommendations/tools? Or has anyone built a spreadsheet they would like to share? I would think there must be quite a few people in our position, and extensive internet searching hasn't turned any decent tools up, especially for couples.