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

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?


Comments

  • 222Johnny222
    222Johnny222 Posts: 11 Forumite
    First Anniversary First Post
    This is the best one I have found

    https://www.pensionbee.com/pension-calculator
  • T199er
    T199er Posts: 18 Forumite
    First Anniversary First Post Combo Breaker
    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
    JohnWinder Posts: 1,759 Forumite
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    '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
    Linton Posts: 17,085 Forumite
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    edited 14 January at 11:26AM
    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
    QrizB Posts: 13,822 Forumite
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    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 :D for my planning.
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
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  • Hoenir
    Hoenir Posts: 1,881 Forumite
    First Post Name Dropper
    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
    T199er Posts: 18 Forumite
    First Anniversary First Post Combo Breaker
    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.
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