INCOME PLANNER

Retirement Income Calculator

SO YOU DON'T RUN OUT OF MONEY

Designed by a financial adviser, recently retired
simple enough to do yourself
comprehensive enough to let you sleep at night

The main sections

  • PLANNING
            The Retirement Calculators

            Expenditure record download
            Meet Simon and Serena
            Separate your savings
  • AT RETIREMENT
            Understanding Pension Drawdown
            Make your tax-free cash tax more efficient
            Looking to your future, nothing stays the same
  • THE COST
            The real cost of retirement
            The costs of investing
  • INVESTMENT & RISK
            What is an investment?       
            How to construct a balanced managed fund
            Understanding risk
            How to decide what risk should you take
  • STEP by STEP
            A detailed walk through each section of the calculator

Retired, or just thinking about it?

Be sure you don’t run out of money

Income Planner takes account of all your pensions and savings.
With a ‘behind the scenes’ look at charges, risk awareness and pension drawdown.

The income you take from Pensions, ISAs, Bonds and other investments needs careful planning to sustain your long term spending. Whether your situation is simple or complex, this important tool will help you plan years into the future.

Why is this different?

I designed and created this Income Planner for my business as an Independent Financial Adviser, my name is Howard Goodall and this system has been used for my private clients for over fifteen years. With their help and input the system has developed over time, so it represents the needs of many clients from over a thousand meetings and a lifetime as a financial adviser until I recently retired.

One day you might wake up and say:
“I don’t want to work any more”
You need to be ready for that. 

So what is retirement?

It’s a luxury. It’s expensive and for people in many countries, it’s unachievable. If you have a maximum years final salary scheme the path to retirement is less onerous, but for most people it can be more costly than buying a house, and it takes years to plan for.

Some people can’t wait to retire and there are others who would never dream of stopping because they love their work so much.

The point isone day you may have to stop and there are lots of reasons why. This is all about preparation; having the money to fall back on when you need to and maybe allow you to stop work early and do something else. Whether you’re good at making plans or not, don’t think about it, make a start, this will help you.

Is work what you want to retire from?
Could you make early retirement and work a lifestyle? Do what you enjoy and do it better than most people, then make a living from it. It’s probably good for your health and it might only be later that you have the choice.

already retired?

Are you in control of your income, do you change it regularly? Do you just need a plan?

Read the Start Planning section on organising your savings into two separate pots. Separate the money you need for income from cash to set aside for extras and the unexpected.

Take time to look back at last year’s regular spending and fix your regular income. Use a bank account to to cover any shortfall and top it up each year from investments.

... or just thinking about it?

If you’re working towards retirement, try updating pension values and see the effect of a monthly increase or lump sum. Calculate your affordable retirement age in plenty of time, or use it to plan the future value of your business as a retirement income.

If you pay into a pension through your own personal arrangement, or through an employer’s auto-enrolment workplace pension, this is an important piece of your pension planning, so make sure the contributions fit your need and are not just an arbitrary amount. It’s too easy just to ‘go with it’ rather than question if it’s the right amount for you. It’s one place the planner can make such a difference.

40 years work pays for 30 years retirement

This is over-simplified because the size of the gap is different for everyone and you may not need to retire on 100% of your income.

The important thing is not to underestimate the size of this gap.

Try to live at least 15% below your income and invest the saving.

To check your State Pension Forecast,
follow this link to UK Government website

As you read through this website, there is a mass of information to help you prepare. Unfortunately, most of us never learnt at school how to manage money or understand investment risk, so we have a steep learning curve.

It’s not surprising that we glaze over at the mention of pensions, especially when legislators won’t leave them alone, although the basic principles do remain the same. One fact never changes, people become more interested as they get older and this website will answer some of your questions, and hopefully encourage a greater understanding.