Pension Calculators (I want to work out how much I'd need to save)

T199er

Hi, I'm doing some retirement planning but you plug in your numbers to all the calculators on the internet and they just tell you how much you will get compared to how much you would like to get and what the shortfall is.   I want to know how much more I need to save to reach a desired target.

Does anyone know of any tools?  or how I go about doing this?

222Johnny222

This is the best one I have found

https://www.pensionbee.com/pension-calculator

T199er

Fantastic, Thank you.  I've plugged in my numbers, assumed the average age of death and can use the one-off contribution option to see how much more I could do with investing (I appreciate this doesn't factor in the growth between now and retirement but it's a good guide for now). 

JohnWinder

'I appreciate this doesn't factor in the growth between now and retiremen'

I thought it assumed 5%/year growth and some inflation. Check the FAQs?

DIY? https://pocketsense.com/calculate-compound-interest-contributions-6630964.html

Linton

T199er said:

Fantastic, Thank you.  I've plugged in my numbers, assumed the average age of death and can use the one-off contribution option to see how much more I could do with investing (I appreciate this doesn't factor in the growth between now and retirement but it's a good guide for now). 

I suggest you dont use the average age of death in your planning.  You have a 50% chance of living too long

QrizB

Linton said:

T199er said:

Fantastic, Thank you.  I've plugged in my numbers, assumed the average age of death and can use the one-off contribution option to see how much more I could do with investing (I appreciate this doesn't factor in the growth between now and retirement but it's a good guide for now). 

I suggest you dont use the average age of death in your planning.  You have a 50% chance of living too long

Based on your age and sex, you can get an estimate here:
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07
It seems I've got a 10% chance of living to 97, and a 4% chance of making it to 100. I'm using 100 as my drop-dead date for my planning.

Hoenir

Save as much as early as you can. Then you'll always be in control whatever the future brings. Markets are entirely unpredictable. As much as people like to quote historical data and average returns. 

T199er

Thanks all.  I've got what I need for now.  We'll need to speak to an expert at some point for some proper planning.  I just needed some indicative numbers for today.