We understand that it may be a hard time to put money aside to save for the future, perhaps using a pension, especially as the cost of goods keeps rising and more of your income goes on your everyday essentials.
People often say that the earlier you start saving, the less you need to invest to meet your financial objectives. Rather than taking their word for it, you can now see for yourself by using Skandia’s pension calculator – the ‘Retirement Route Planner’. The good news is you might not need to save as much as you think. If you’ve changed jobs a few times then it’s likely you have already built up some pension savings, and of course you’ll receive an additional amount from the government at some point from age 65 onwards.
Our pension calculator: the Retirement Route Planner
The Skandia Retirement Route Planner makes sense of all of this for you and lets you estimate how much income you’re likely to have once you retire. You can adjust the date you want to retire at and also see what could happen if you saved a little extra each month or adjusted your desired income.
This pension calculator uses a range of assumptions to project forward what your current pension savings via a pension annuity and the state pensionState pension schemesBasic state pension – if you have a full National Insurance contribution record you are entitled to the full basic state pension. may give you as an income each year during your retirement. It will not give you an exact figure of what you will receive as there are many variables that can affect this figure between now and your retirement date. What it will give you is a starting point to understand if your current level of savings will be enough for you to retire on. You can then discuss with your financial adviserFinancial adviser Individual who gives advice about all aspects of finance. Financial advisers can advise and sell products for a range of insurance companies and investment companies. – an approach that will get you to where you want to be in your retirement planning journey.
The Retirement Route Planner will prompt you to input details of your current pension savings, whether these are through an employer arrangement or your own personal pensions. If you are not sure if you have any pensions you can visit the Pension Tracing Service website where you can get assistance (this is an external website) or you can speak to your financial adviser.
If you need any help or guidance in finding a financial adviser then we have a very useful guide to what you need to know and where to go when obtaining financial advice.