The calculator below will help you work out if you are saving enough for retirement. The calculator will tell you what your retirement benefit will be based on your current retirement savings and your age. It will also help you decide on how much to take out as a lump sum and how the annual draw-down rate will affect your monthly pension. It will also tell you how much tax you can expect to pay.
If your monthly pension is less than 75% of your current salary you need to take action to ensure you have sufficient funds to live on when you retire. You can:
- Increase your monthly contribution
- Retire later by delaying your retirement date
- Switch to a higher risk equity fund
- Speak to the Fund Advisors, Optimate Financial Solutions, to find the best solution for your retirement.
You can use the calculator again and change your draw-down rate and retirement age to see how it will affect the amount you will receive as a pension.