When you reach retirement there are a great many options available to you which are affected by your own personal circumstances. The purchase of an annuity is only one of these but because it is a one off lifetime decision it is perhaps the most important.
Because of the of the number of options available it is important that you select those that meet your circumstances.
Money Advice Service – Compare annuities
Get Annuity – See how much your income is likely to be.
Compare Annuity – Get up to 40% more from your pension
Saga – Check your potential retirement income.
National Annuity Advice Centre
LV – Find your highest achievable income in 10 mins
My Pension Expert – Live annuity quotes
Aviva – Helping you understand your pension choices
Hargreaves Lansdown – Obtain and compare annuity quotes
Compound Interest Calculators
Monevator – see how your money will grow with or without compound interest
Online Calculators – see how compound interest affects savings and loans
The Money Jar – see the effect of compound interest and of making regular top ups to your investments
Income Drawdown Calculators
With income drawdown – also known as ‘flexi-access drawdown’ – you keep most or all of your pension pot invested and draw an income from it.
Unlike an annuity, the income isn’t guaranteed for life, so this option carries more risk that your money might run out before you do.
However, in return for more risk you do gain more flexibility with income drawdown as you can vary the amount you take according to your need
Money Advice Service – Understand and compare income drawdown tool.
Fidelity – What income might you achieve and how long will your money last in differing circumstances.
Hargreaves Lansdown – Calculate drawdown income
Which – Making your money last
Prudential – Retirement income calculator
Just retirement – Drawdown risk calculator
Invidion – Flexi-access drawdown calculator
Inheritance Tax Calculators
Inheritance tax (IHT) is a tax on any transfer of assets to other people or trusts. It is commonly paid in respect of an individual’s estate on death, but it can also be applied in respect of certain transfers of assets during life. You don’t have to be overly affluent to achieve this threshold. Today, the value of your property can easily take you over the threshold.
It is a mistaken assumption that you need to be particularly wealthy to incur a substantial Inheritance Tax liability. When you die, the value of your taxable estate is calculated. This is the total value of all your possessions and assets, less any available exemptions and relief. If the taxable estate exceeds the nil rate tax band of £325,000 (for the 2015/6 tax year), anything over that sum is taxed at 40% (although lifetime transfers are more complex, charged immediately at 20%, and with periodic charges every ten years
My Legal Adviser – latest IHT calculator; includes new residence nil rate band
Invidion – IHT calculator
This is Money – Work out your liability
Octopus Investments – includes nil rate band
Aviva – Inheritance Tax calculator for advisers
Gov.UK – Reduced tax rate calculator
Prudential – Adviser calculator
Royal London Group – professional tool
Time Investments – for advisers
Money to the Masses – with other useful tips
Hargreaves Lansdown – on of a range of tools
Which – a range of tax calculators
Invidion – Investment Yield (Growth Rate) Calculator.
Candid Money – Fund Cost Comparison Calculator.
Vanguard – How changing your mix of investments affects performance
Vanguard – How the cumulative effect of costs can slow your progress towards your goals.
Vanguard – The power of compounding.
LSE – Investment Fees vs Returns
UK Online Finance
Momentum – Use this calculator to estimate what your monthly repayments will be, and how much you’ll need to repay overall
Pension calculators help you calculate how much income you might receive at retirement, based upon the amounts saved during your working life.
You may currently be a member of your employer’s pension scheme (either a final salary or money purchase arrangement), pay contributions into a personal pension or stakeholder pension, have several arrangements from previous periods of employment (such as a deferred or paid-up occupational pension schemes, Retirement Annuity contracts, etc), or you may have a combination of the above arrangements or no pension provision whatsoever
In order to calculate how much you need to save to provide your required retirement income at your chosen retirement date, you will need to take into account your current arrangements. By making a mathematical estimate of how much pension (or the value of your accumulated pension fund) you will have available at your chosen retirement age (if assumptions about fund growth and inflation prove correct), you will have a reasonable idea of the ‘shortfall’ you need to fund for in order to meet your objectives.
Invideon – How much income could you receive at retirement?
Standard Life – Are your pension savings on track for the retirement lifestyle you want?
Money Advice Service
Hargreaves Lansdowne – How much might your pension pay? Is it on track?
Scottish Widows – How you will replace your salary when you retire?
NEST – What you might get when you take your money out of NEST.
Wealth Wizards – Describe yourself against these 5 characteristics and we’ll show you an investment strategy to match.
Invidion – Flexi-Access Drawdown Calculator.
Invidion – Personal Pension vs SIPP Charges Calculator
Gov.uk – State pension forecast.
Alliance Trust Savings – Saving towards retirement
Alliance Trust Savings – Nearing retirement
Momentum – Is your pension on track so that you can afford to retire when you want?
Property Investment Calculators
Go Compare If you’re looking to sell, you probably want to know how to add value to your home
Your Wealth – your estimated take-home pay after Income Tax and National Insurance
Bestinvest – The impact of inflation on your savings.
LSE – This time next year…. how long to save a cool million?
School Fee Calculators
Candid Money – Calculate how much it could cost to send your child to a fee paying independent school.
Candid Money – Can you afford school fees?
Gov.uk – Student finance calculator.
Prudential – How school or university fees could be funded via a bond with a one off investment.
Prudential – How monthly or annual savings can be used to generate a lump sum.
Prudential – School and university fees calculator.
Killik – Work out how much you need to help your children or grandchildren.
Stamp Duty Calculators
Momentum – How much will you pay on your property purchase, buy-to-let or second home?
Candid Money – How much capital gains tax you might have to pay when selling assets.
Candid Money – VCT Tax Benefit Calculator
CrowdRating – SEIS and EIS Calculator