Looking for a good pension calculator

squirrelpie

Just to be clear, I'm not thinking about possible future changes to IHT law, I'm thinking about how much cash will be left to my wife if I predecease her.

michaels

Another question, what is your assumption on future tax bands? - frozen to 2030 and then increasing with 'inflation'?

PenActuary

michaels said:

Another question, what is your assumption on future tax bands? - frozen to 2030 and then increasing with 'inflation'?

They are frozen until 2028 then we assume they rise at 2.5% a year.

PenActuary

squirrelpie said:

Just to be clear, I'm not thinking about possible future changes to IHT law, I'm thinking about how much cash will be left to my wife if I predecease her.

I cant comment on what's the best thing to do around the remaining tax free element of your pension pot, but having retired and not taken the 25% lump sum at outset, if you wish to model having the 25% tax free now as something you can use towards your income, one way is to use 75% of your pension pot value in pension pots (income from which will be fully taxable) and add a savings pot of 25% of the value (which wont incur income tax when drawn down).

ali_bear

Thank you @PenActuary we appreciate you taking these comments on board 

PenActuary

ali_bear said:

Thank you @PenActuary we appreciate you taking these comments on board 

Hi No problem at all, this is best way to understand peoples issues/questions with retirement and try and improve the site for things people actually want. Can't say we can do everything, but are constantly looking to make it better. Thanks Kevin

vacheron

@PenActuary Just made an observation while doing aome projections in your site. It may be too niche to accommodate, but thought I’d mention it. 

My state retirement age is 67 so I can draw my DC pensions from 57, but yesterday I was hypothesising that it may be possible to retire a couple of years earlier at 55, or possibly even 54, so I pulled my planned retirement date forward.

Guiide site still does all of the calculations without an issue,  but I noticed that it is still drawing income in these earlier years from my DC pension pots. Problem is that I won’t have access to these pots until I’m 57. 

Is there any way that the guide can determine my state retirement age from my date of birth and then only use non-pension funds for the years prior to being able to access the DC pensions?