Pension Pot Calculator

How much will your pension be worth at retirement?

It’s a big question that many people ask because they need to know how much pension they’ll receive to plan effectively for their later years, but it’s not always easy to work out, especially if you have a defined contribution pension and are some years from retirement.

Our retirement calculator will provide you with a pension forecast, revealing the value of your pension pot at your desired retirement age based on any current retirement savings, how much you’re planning to contribute and compound growth of varying degrees between now and your retirement.

After the pension calculations, we’ll also show you how long that pension pot could last if you decide to fund your retirement through income drawdown, making a pension withdrawal of a fixed amount every month.

There are five major factors to consider when calculating how much your pension will be worth. These are:

• Your age now
  The earlier you start saving into a pension the better
• Your chosen retirement age
  The youngest age most people can access their pension is age 55, but not everyone can afford to retire this early
• How much is already in your pension
  Any existing savings will provide a base for future growth
• The monthly pension contributions you’ll be making
  Don’t forget employer contributions, if appropriate
• The growth rate you’re expecting from your investments
  Our calculator offers a pension forecast based on your pot growing by 2%, 4% and 6% between now and retirement. With income drawdown your pension pot stays invested after you start taking income, so we’ve also modelled the same three growth rates for your pension fund post-retirement.

How Much Do I Need to Retire?

Many people wonder how much they need in their pension to retire, but the answer isn’t simple because it will depend on you as a person.

For instance, most pensioners today have repaid their mortgages long before retirement. However, as people get mortgages later in life and with longer terms, future retirees could be repaying mortgages even after they’ve stopped working. That will need to be factored in when it comes to calculating how much pension income you’ll need.

Are you planning on taking lots of holidays now you’ve retired? What about paying for hobbies now you’ve got more free time?

Other factors to consider are any children and grandchildren you might have. Will you have to support any dependants, perhaps paying for higher educational costs?

While the pension calculator offers you a good starting point when it comes to working out how big your pension could be and how long it might last, it’s always better to get expert help and advice on your pension.

At Drewberry we’re qualified to see you through the entire pensions advice process, from where to invest your pension savings to drawing on your fund at retirement.

Your Financial Plan: Build A Better Future

A good financial plan can help you make the right decisions when it comes to your finances. Make the right decisions today to build a more prosperous future.

Good financial planning with clear goals can increase your retirement income by as much as 53%. Old Mutual Redefining Retirement Survey

Why Speak to Us…

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as planning our finances. Below are just a few reasons why it makes sense to let us help.

• See your financial future
  We use sophisticated financial modelling technology to visually show you your financial future. A living financial plan where you can clearly see what you can achieve depending on the decisions you make – read more
• Achieve the retirement you deserve
  Can afford that dream round-the-world trip? Can you help your children onto the property ladder? We’ll model your goals and build your financial plan to help you achieve them.
• Our expertise saves you time and provides peace of mind
  Organising your pensions, investing your assets, managing risk and making the most of your tax allowances is all taken care of as part of your financial plan.
• We’ve got bargaining power on our side
  This allows us to negotiate better rates for you than dealing with providers yourself.
• You’ll speak to a dedicated expert from start to finish
  You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
• Benefit from our 5-star service
  We pride ourselves on providing a 5-star service, as can be seen from our 2386 and growing independent client reviews rating us at 4.92 / 5.
• Gain the protection of regulated advice
  You are protected. Where we provide a regulated advice service we are responsible for the decisions we help you make. Doing it yourself or going direct to a provider won’t provide this protection, so you won’t benefit from these securities.