Retirement calculator: find out more about your future finances

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What is a retirement calculator?

A retirement calculator can help you ascertain how much money you will have during your retirement - and therefore can help you to ensure that you are saving correctly now. With financial planning being such an important part of preparing for the future, a retirement calculator can assist you in making sure your future is what you hope it will be.

By looking at your current age, savings and salary, as well as the age you will be when you retire, a retirement calculator - also known as a pensions calculator - can paint you an accurate picture of what your funds could look like during your retirement years.

Over the coming years, the retirement age is set to change several times for both men and women, so using a retirement calculator is an important step in ascertaining your future financial position.

How can a retirement calculator help me?

A retirement calculator can help you successfully plan for your future by giving you a projection of your pension funds. From this you can make adjustments to your current savings plan to help give you the future you desire.

By switching the amount you save at the moment, for example, you could increase the amount of pension you will receive when you decide to stop working.

Meanwhile, findings from your retirement calculator may encourage you to move your pension fund or savings elsewhere in order to receive higher returns.

A retirement calculator could also alert you to any potential problems with your pension. For example, should you discover that you are unable to reach your target amount due to other financial commitments such as mortgages, you may wish to invest in alternative routes to boost your pension funds.

What options can help me increase my retirement calculator findings?

Should your retirement calculator findings encourage you to seek alternative means of increasing your retirement funds there are several options available to you.

Choosing to work past your retirement age can increase your income in several ways. Firstly, you could choose to delay claiming your pension and continue contributing to it from either full-time or part-time work. Because you would not be paying national insurance, you have the potential to save more - and therefore boost the funds shown by your retirement calculator.

Alternatively, you could choose to continue working while drawing your pension at the same time, which could perhaps be the option for you if you opt for part-time work.

You could also decide to start a stakeholder or personal pension, which will help boost your predicted retirement calculator funds with government contributions. With such pensions, the government will provide tax relief for the amount you add to the account.

Retirement calculator: learning more

If you want to learn more about how a retirement calculator can help you - or how to boost your income upon your retirement - there are a number of organisations that can help.

The Financial Services Authority is one such body that can assist, providing unbiased information on various establishments that offer pensions services.

And the Pensions Advisory Service also provides lots of useful, free advice on how both work pensions and private pensions function and what you can do to make the most of them.

Many Brits 'failing to save for retirement'

Tue 7th Feb 2012

The vast majority of young people are making no provision for their retirement at present.

Older Brits 'must get all the benefits they are entitled to'

Fri 27th Jan 2012

Benefits could help to bolster finances for many older Brits.

Many over-60s 'can just afford the basics'

Wed 25th Jan 2012

Over-60s are having a hard time making their finances stretch each month.

Older Brits 'feeling more of the strain'

Wed 25th Jan 2012

A higher proportion of older people are feeling the financial strain.

Over-50s 'suffering most from inflation'

Wed 18th Jan 2012

Older Brits have seen greater rises in inflation than other groups.

Retirees 'to challenge work-shy youngsters'

Wed 11th Jan 2012

Older Brits believe they are better workers than the younger generation.

Retirement incomes hit five-year low

Wed 11th Jan 2012

Income for those retiring in 2012 will be considerably lower than for those who retired just a few years ago.

One-size-fits-all approach 'not right for retirement planning'

Wed 14th Dec 2011

Saving for the future requires bespoke planning by financial advisers.

Brits 'must reassess retirement plans'

Wed 30th Nov 2011

Saving for retirement has been affected by the latest government announcement regarding pension age.

Homeowners advised to 'take small steps' when downsizing

Mon 28th Nov 2011

Brits have been advised to take their time when downsizing and to weigh up the pros and cons.

Older Brits with kids 'less likely to provide for themselves in retirement'

Wed 23rd Nov 2011

Having children can have a significant impact on the level of retirement saving that people carry out.

Older generations 'could teach the young about thrift'

Mon 21st Nov 2011

Being thrifty is a way of life for many members of the older generation.

Profits 'can be made through socially-responsible investment'

Thu 17th Nov 2011

Saving in an ethical manner can be extremely profitable.

Equity release 'could offset rising living costs'

Wed 16th Nov 2011

Older Brits might wish to consider equity release as a means to increase their income.

Less than a quarter of under-35s have a pension

Tue 15th Nov 2011

Pension saving should be a higher priority for young people.

Brits advised on cover benefits

Wed 9th Nov 2011

Taking out cover could be important for those saving towards retirement.

Any form of saving 'is good'

Mon 31st Oct 2011

Brits should be saving if they can.

Brits 'should learn more about financial services'

Fri 28th Oct 2011

Understanding is key to getting the most out of finances.

Setting goals 'helps Brits to save'

Tue 25th Oct 2011

Brits could save more by setting achievable goals.

Older Brits find equity release 'invaluable'

Mon 24th Oct 2011

Equity release could be an invaluable tool for older Brits.

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