2015 saw the biggest changes to pensions and we thought it would be a good time to remind TD Direct Investing savers about the importance of regularly reviewing their retirement strategy.
And we have created an easy to use Pension Calculator tool to help you do just that.
When do you want to retire? What are your responsibilities? What do you want to do? How are you going to support your aspirational lifestyle?
Firstly, you’re going to have to work out what income you will need. Although it’s not an easy question to answer, you really should have an idea of the total income needed to support the retirement you want before you can plan how you to get it.
Having arrived at a figure, you can use the calculator to compare it to your actual projected income from any existing pension income, plus an estimate of your basic state pension to see what any shortfall will be.
When you have the results, the tools sliders allow you to see the effects of varying your approach to retirement; altering the date you stop working, or the level of income you can manage on, the contributions you’re prepared to pay, reviewing your attitude to investment risk, or the amount of tax-fee cash you want to have access to when you reach retirement.
The sooner you experiment with these variables the more time you allow yourself to put the right plans in place to get your desired autumn lifestyle. It is highly advisable that you regularly review your pension strategy to ensure you stay on track.
When you’ve finished your first plan, the calculator will deliver a summary report that you can use as a road map and refer back to later when you repeat the exercise.
TD Direct Investing Head of Products, Ellen Bruno said: “The pension calculator is the latest in a long line of ready-to-use, intuitive, tools that help our clients make the right saving decisions and best choices when investing for retirement.”
Don’t forget, if you have any doubts or questions, our specialist customer services team are available for consultation, feel free to contact us. Do bear in mind, though, that our people can only explain products, investment options and regulatory/legislative changes; they cannot advise on which stocks and shares to choose as a result.
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