It’s never too early to start thinking about how you are going to manage financially when you retire. Most people know that having a pension is the best way of funding your life once you finish work. However, pensions can at first appear confusing.
Simply put, a pension is the most tax-efficient means of saving for your retirement. A pension will provide you with a regular, secure income once you’ve stopped working.
The sooner you begin investing money into a pension, the more chance you’ll have of enjoying the lifestyle you want when you retire.
The amount you receive in monthly pension payments and/or a lump sum will depend on a number of factors including:
If you are unhappy on how your pension is performing or don’t know enough about your current pension then a review will help you understand your current pension and how it could be improved.
Find out how your pension is performing to get clarity and peace of mind on what your retirement might look like.
Taking action to review your pension now will allow you time to make changes and improvements so you can have the retirement you deserve.
Making pension plans now will ensure you know how you would finicially manage in retirement.
By reviewing your pension you could be better off in your retirement and reach your pension goals sooner.
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This calculator easily answers the question "Given the value of my current investments and assuming future monthly investments of "X", at what age will I reach my retirement goal?"
The user enters their "Current Age", the "Monthly Amount Invested",the "Annual Interest Rate (ROI)" (annualized Return on Investment one expects to earn) and "Amount Desired At Retirement".
The calculator quickly calculates the user's retirement age and creates an investment schedule plus a set of charts that will help the user see the relationship between the amount invested and the return on the investment. The schedule can be copied and pasted to Excel, if desired.
If you need a more advanced "Retirement Calculator" — one that calculates many more unknowns and one that calculates assuming retirement income and not a final lump sum then try the calculator located here: https:/financial-calculators.com/retirement-calculator
All calculators will remember your choice. You may also change it at any time.
Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.
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