Pension calculators - whats recommended?

Gaz012012

I understand different calculators may make different assumptions - is there any preferred online pension calculators here? Are the pessimist or optimistic?

Money has always been a challenge for me but me and my partner are lucky to be in a much improved position.  Any advice appreciated on calculators or my own situation please.

47 years old.
Current pension value £122k
Salary £66k
I pay in 12% and employer puts in 9%
Went to "Which" pension calculator - with a retirement age of 62 (Know any idea when i will - earlier the better!). It estimates pot of £417k at 62
Same calculator suggests 20 year drawdown on 6% growth of £34k

This seems high to me? 

If i put the same figures into Fidelity - it suggests with average conditions i would run out of money in 11 years rather than 20.

I have only recently took on a mortgage. Term till I am 70 but overpaying £500 a month to aim to get this paid by 62.

I have children - Some may think selfish but I have no desire to leave any of my pension.

I totally appreciate no one knows what will happen next week these days never mind 15 years time but would appreciate any suggwstions on pension calculators recommended along with any thoughts on the figures above.

Thank you

JP1970

Personally I found Guiide.co.uk useful. It allows for a mixture of pension State, DC, DB etc

draiggoch

Personally I would use the £500 mortgage overpayment for a higher pension contribution as you would benefit from the 40% tax bracket. It could also lead to receiving child benefit if the kids are young enough.

ader42

When it comes to deciding on a withdrawal process during retirement there are multiple strategies and obviously multiple scenarios for remaining invested.

I find http://ficalc.app useful but even though I have a plan it will have to be a dynamic plan as we don’t know what the future holds.

It runs historical simulations to give an indicative guide for potential future performance, I think the 20 year simulations provide the best balance.

This shows that with a pot of £417k and a 20 year retirement period and withdrawing £34k a year (adjusted for inflation) with the whole pot held in stocks then it would only have a 56% success rate.

The often touted 4% rule conversely would likely not fail but would provide a much lower income each year and it would be variable.

Gaz012012

Thanks All! Done some better calculations and suspect 20k a year would provide for what I need once mortgage paid off hopefully at 62 (but aiming for a bit earlier). Then with state pension kicking in a few years later could drawdown less so looks to be there or there abouts. Any other thoughts please?