Don't worry. Sometimes the best way to help you discover different elements to consider when retiring, is to take a look at some options.
So if you are yet to retire, read on to see how our calculators could help you better understand your situation. It could help you discover different elements to consider when you are retiring.
A good place to start when thinking about how long your money might need to last is to understand how long you might live.
We cannot give you the exact answer, but our longevity tool allows you to get an idea.
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You can use our Costs Estimator to give you an indication of what your costs might be in retirement. This could help you identify areas where you could cut back or even spend more!
And if you’ve also used our Income Estimator, you’ll be able to use our Income and Costs Comparison tool to see how your income and costs stack up.’
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If you are thinking of taking your pension as cash, the pension tax calculator shows you how much income tax you may need to pay.
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Drawdown is a way in which you can take money out of your pension to live on in retirement. You have to be aged 55 or over in order to access your money.
Using drawdown brings with it a risk that you may run out of money during your retirement. This calculator shows you the likelihood of that happening.
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Lastly, you may want to consider releasing some of the equity from your home as part of your retirement planning—this tool provides an indication of how much you could release. You have to be aged 55 or over in order to access your money.
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