UK households can find out if they can retire early with their pension using 1 simple tool
It can be stressful trying to work out if you can afford to retire.
Trying to work out if you can retire can be stressful (Image: Getty Images)
Working out if you can retire is complicated but it could be much easier with one simple tool. If you’ve been thinking about retiring, it can be hard to work out when it could be a realistic possibility.
You’ll have to do the work yourself to work out when and whether you can afford to retire – but it doesn’t need to be stressful. There’s a range of online tools which could help you make an informed decision and all you’ll need to do is enter a few details.
Unbiased, a financial advice company, said: “The free Unbiased Pension Calculator lets you work out (based on certain assumptions) the size of pension income you could reasonably take from your pension pot over an average retirement, based on how much you’re saving at the moment.
“Though it can’t make firm predictions, it will give you a good idea about whether you need to increase your pension contributions, or whether you can indeed retire sooner than expected.”
By using this tool, you can easily gain a better understanding of what retiring might look like for you.
A financial advisor can help you work out how much you’ll need to retire and whether you can really afford it.
It’s worth noting that while you’ll have to pay for their services, it could be a worthy investment.
You’ll need to know what is realistic in terms of retirement (Image: Getty Images)
There are a range of online tools to help you gain information and understanding on retirement.
You can use a range of pension calculators or pension “forecast” tools which can help you learn more about your situation.
Understanding your future pension income is crucial for effective retirement planning.
You’ll get the best out of the online tools if you provide an accurate estimate of your finances based on your current savings, contributions and the latest pension regulations.
