*Hover over bars for actual figures
If your pension income at 50 is short of what you hoped it would be, then you’re not alone – our UGen research shows that the average 50 year old has only saved 44% of what is required to guarantee a minimum standard of income when they stop work.
By the time you are 50 you are on the home-straight to retirement – yet just 11% of 50 year olds have seen a financial adviser. That’s despite 51% saying they’d like to see one in order to regain control of their retirement.
If you are one of the uncertain majority and you’d like get some certainty on your financial plans then we’d urge you to speak to a financial adviser to find out what the best options are for you. You can visit www.metlife.co.uk/individuals/ to find one near you.
This calculator is intended for, and should be treated as, an indication of your financial fitness at fifty, which will provide a basic outline of your retirement plans.
Some simplifications exist in the calculation so all figures should be treated as indicative. The calculator is not designed as a financial planning tool and outputs should not be treated as such. No responsibility is accepted by MetLife as to the correctness or appropriateness of the calculations or assumptions used.
Before you make any decisions, you should seek professional financial advice from an Adviser to ensure a product meets your own needs, taking account of your goals and risk appetite and your personal and financial circumstances. Visit www.metlife.co.uk/individuals/ to find an Adviser near you.
All figures shown are in today’s prices. This means we have allowed for future inflation to give you an indication of how much your pension and savings are worth if it were payable today.
The assumptions used for the income you may receive at retirement are based on annuity rates available from here (accessed 29th May 2012). An annuity is a insurance product that converts a lump sum into an income for life and we have assumed that your income will increase by 3% each year.
If you have a defined benefit pension income, we have assumed that your income starts at 65 and that it increases with inflation thereafter (assumed to be 2.5%).
A state pension of £140 per week is assumed; here we assume income starts at age 65 and increases annually with inflation.
For any pension fund you may have we have assumed growth of 3, 5 or 7 percent depending on the selected attitude to risk. These figures are examples and are for illustrative purposes only. The amount you will receive depends on how your investment grows and the tax treatment of your investments.
For any savings you may have, we have assumed they grow at 3% each year and at retirement an income of 3% is taken from your investment.
For any property you may have, we assume the value of your property increases in line with inflation.
It is assumed that no equity in your home is released to supplement your retirement income.
Incomes shown are gross of tax and if you are liable for tax these will reduce by an amount dependant on your circumstances.