Pension projection calculator

TELLIT01

My wife retires in September and has just received the latest information on the value of the pension pot.  Are there any income calculators that don't require you to give e-mail and/or phone numbers in order to use?  I just started to go through one I found but it does want that info.  All I want to do at present is get very rough figures without being hassled.  All help appreciated.

MX5huggy

Are you getting annuity quotes? Are you aware you don’t have to get an annuity and most people don’t now, choosing flexi drawdown instead.

squirrelpie

Just type in a junk email address and a fake phone number????

dunstonh

Are there any income calculators that don't require you to give e-mail and/or phone numbers in order to use?

Use the money advice service tables just to get you a basic figure.  Then use an IFA to get actual figures when the time is due.

If you are not buying an annuity though then its just a case of using a calculator to see what your draw rate gives you.  e.g. fund value multiplied by 3.5% = amount you will be drawing.

MEM62

Retirement Planner | Pension calculators and tools - Aviva

Pension drawdown calculator - making your money last - Which?

Pension Drawdown Calculator | See How Much Income you Could Take (hl.co.uk)

TELLIT01

MX5huggy said:

Are you getting annuity quotes? Are you aware you don’t have to get an annuity and most people don’t now, choosing flexi drawdown instead.

No I wasn't aware of that.  I've been retired 6 years and my pensions all came from final salary systems.  My wife has 2 pensions paying out and they were both the same.  The idea of having to work it out for ourselves is totally alien to us.  We know we need to take advice but having a sense of a base line, for want of a better description, prior to that would seem to make sense.

TELLIT01

Thanks for all the links and info.  I'll start working through them.

MX5huggy

Try the free service from pension wise https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise# 

Albermarle

TELLIT01 said:

MX5huggy said:

Are you getting annuity quotes? Are you aware you don’t have to get an annuity and most people don’t now, choosing flexi drawdown instead.

No I wasn't aware of that.  I've been retired 6 years and my pensions all came from final salary systems.  My wife has 2 pensions paying out and they were both the same.  The idea of having to work it out for ourselves is totally alien to us.  I've known the funds were coming for a while and thought I'd be happy just sticking it all into a Vanguard or BlackRock fund and forgetting about it for a while, but the war in Ukraine, high inflation, current valuations, rising risks of recession etc. has made me pause for thought.

I just get the feeling global markets are going to be choppy for a while and that's making me think drip feeding is better, despite the stats. but having a sense of a base line, for want of a better description, prior to that would seem to make sense.

Buying an annuity with the pot is largely out of favour , as the annuity rates are so poor . In other words you have to pay a lot of money to get a relatively modest level of pension.
However it depends a lot on the terms of the annuity . For example one for a fixed term of 10 years, rather than for a lifetime will be cheaper. One that does not increase with inflation is a lot cheaper than one that does etc
So annuities can have their place, but as already said most people nowadays prefer to keep their pension pot and draw down from it .

Another possibility should be to not take the pension pot at all , or not until much later . So use it is as a kind of investment account . The fact your wife is retiring should not mean she has to start taking this type of pension , although if it is an old pension , there maybe less flexibility of how and when she takes it . This can be easily solved by transferring it to another pension provider . It might seem complicated but is in fact quite easy . You can do it yourself online .

If there is any possibility that you will be liable for inheritance tax then keeping a pension pot intact can be a good idea, if you do not need the income , as it is not included in your estate for IHT calculation purposes.

We know we need to take advice
Normally you do not have to take ( or pay for )  financial advice  , it is your choice .

TELLIT01

Albermarle said:

We know we need to take advice
Normally you do not have to take ( or pay for )  financial advice  , it is your choice .

Sorry, poorly worded.  I mean that as we aren't clear on the best options (as is probably pretty clear) we need to get advice.