Looking for recommendations for drawdown calculator

scdandem

Hi, I get my state pension next year, ten years before my wife. We would like to retire together so I am looking for an online calculator to help. There are a few out there but I haven't found one that quite fits the bill yet.

We have £196k in personal pension pots to use to bridge the gap between DB pensions and our ideal income and need to calculate what will be left of the original pot after 10 years of withdrawal at a specified % rate, and a specified inflation rate, so I can then see how long the remainder of the pot is likely to last / what a safe withdrawal rate might be thereafter.

I know nothing will be set in stone but need to have some ball park figures to see what's doable.

Cheers

QrizB

There's probably a way to model it in cFIREsim:

https://www.cfiresim.com

It takes a few attempts to get the hang of, but it's quick and doesn't ask too many questions.

scdandem

Thanks very much, I'll take a look 👍🏻

Albermarle

You could make an assumption that for the 10 years the pot growth would just keep up with inflation, with no real growth or loss.
Then fix your amount for your first year withdrawal and assume each year you increase this by inflation.
So calculation would simply be £196K minus 10X initial withdrawal.

This is very rough and ready but even with spreadsheets etc it is all based in assumptions/guesses anyway.

scdandem

Albermarle said:

You could make an assumption that for the 10 years the pot growth would just keep up with inflation, with no real growth or loss.
Then fix your amount for your first year withdrawal and assume each year you increase this by inflation.
So calculation would simply be £196K minus 10X initial withdrawal.

This is very rough and ready but even with spreadsheets etc it is all based in assumptions/guesses anyway.

Thanks for this, it's been really helpful.