{"id":4701,"date":"2019-06-24T19:08:34","date_gmt":"2019-06-24T18:08:34","guid":{"rendered":"https:\/\/www.2020financial.co.uk\/?page_id=4701"},"modified":"2023-06-05T10:23:31","modified_gmt":"2023-06-05T09:23:31","slug":"pension-forecast-calculator","status":"publish","type":"page","link":"https:\/\/www.2020financial.co.uk\/pension-forecast-calculator\/","title":{"rendered":"Pension Forecast Calculator"},"content":{"rendered":"\n\n\t<p>How much will my pension be worth?<\/p>\n\t<h1>Pension Forecast Calculator<\/h1>\n\t\t\t<a href=\"#calculator\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tTry our easy to use pension forecast calculator\n\t\t\t\t\t<\/a>\n\t<p>Schedule a free discovery call with a Independent Financial Advisor<\/p>\n\t\t\t<a href=\"https:\/\/www.2020financial.co.uk\/schedule-a-free-call\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tSCHEDULE A FREE CALL\n\t\t\t\t\t<\/a>\n\t<p>You&#8217;ve put so much hard work into saving for your retirement; but how much will your pension be worth when you hit retirement age?<\/p>\n<p>&nbsp;<\/p>\n<p>Our pension forecast calculator can help. It will:\u00a0<\/p>\n\t<ul>\n<li aria-level=\"1\">use your contribution amount and time frame alongside your investment types to deliver a rough idea of how much your pension will be worth at retirement<\/li>\n<li aria-level=\"1\">show you how different variables will impact the overall value of your pension pot<\/li>\n<li aria-level=\"1\">deliver realistic figures based on over 100 years of UK market research<\/li>\n<\/ul>\n<h3>\n\t\tHow our pension forecast calculator works\n\t<\/h3>\n<p>Our pension forecast calculator isn&#8217;t just simple to use; it&#8217;s realistic. It&#8217;s been created using UK data from over 100 years, taking into account the highs and lows of different market conditions.\u00a0<\/p>\n<p>&nbsp;<\/p>\n<p>All you have to do is tell us how much you&#8217;re saving and for how long. We&#8217;ll then show you how much your pension pot could be worth when you retire.<\/p>\n<p>&nbsp;<\/p>\n<p>Sound good? Then let&#8217;s begin.<\/p>\n\t<iframe loading=\"lazy\" src=\"https:\/\/www.wealthmeta.com\/calculator_iframe_premium\/2020Financial\/saving-for-retirement-calculator\" width=\"100%\" height=\"500\" frameborder=\"0\" id=\"iFrameResizer0\" scrolling=\"no\"><\/iframe>\n<h3>\n\t\tUser Guide for our Pension Forecast Calculator\n\t<\/h3>\n\t<p>Want to know what figures to enter into the calculator? See our user notes below<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">1) Years to retirement<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>Enter your years to retirement.<\/p>\n<p>Subtract your current age from your desired retirement age.<\/p>\n<p>If you plan to retire when you can take your state pension, the state pension age is changing and may be different depending on when you were born.<\/p>\n<p>Check your state pension age <a href=\"https:\/\/www.gov.uk\/state-pension-age\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">2) Value of existing pension pots<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>Enter the total value of your existing pension pots include all defined contribution pensions, this might include workplace pensions from your existing and previous employers and any private personal pensions SIPPS etc that you may have.<\/p>\n<p>Don&#8217;t include defined benefit or final salary pensions in this figure as they accrue value differently.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\">3)  Contribution frequency<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>Choose whether you will pay an annual amount or monthly contributions into your pension. \u00a0if you have a workplace pension it&#8217;s likely that your pension contributions will be taken monthly.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\">4) Contribution amount<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>Include the amount that you&#8217;ll be paying into your pension. If you are trying to work out how much your workplace pension will be worth then you&#8217;ll want to include any employer contributions as well.<\/p>\n<h2 data-fontsize=\"43\" data-lineheight=\"64\">How is Pension Contribution Calculated?<\/h2>\n<p>If you have a workplace pension then chances are you will be entitled to employer pension contributions.<\/p>\n<p>The changes to auto-enrolment rules mean that from April 2019 If you earn over \u00a3512 a month your employer pays a\u00a0<a href=\"https:\/\/www.gov.uk\/workplace-pensions\/what-you-your-employer-and-the-government-pay\" target=\"_blank\" rel=\"noopener\">minimum pension contribution\u00a0<\/a>of 3%, you as an employee will pay 5%, so you&#8217;ll pay a minimum 8% pension contribution in total.<\/p>\n<p>These are the minimum standards set by the government.<\/p>\n<p>You should check with your employer to find out what pension contributions they pay and whether they are linked to your employee contributions, sometimes employers will match your contributions up to a certain amount.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\">5) Annual increasing contributions<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>This field is optional but it gives you the option to add an annual increase in pension contributions. \u00a0this allows you to account for inflation and\/or pay rises.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-5\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-5\">6)  Contribution term<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-5\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-5\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>If you do not wish to make pension contributions every year until you retire you have the option in this field to stop contributing after a certain amount of years.<\/p>\n<p>The calculator will then show you the total value of your pension pot based on the contributions that you plan to make.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-6\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-6\">7)  Your portfolio investment choices<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-6\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-6\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>Pension pots are invested with the goal that their value will go up over time. How your pension is invested will affect the potential returns that you may get. More aggressive investors will seek higher potential growth in their investments Accepting higher potential risk. Cautious investors will have lower risk but may not achieve such high potential growth. \u00a0Balanced investors sit somewhere in the middle.<\/p>\n<p>This pension forecast calculator also lets you see how much your pension pot would be worth if you chose to invest solely in stocks, \u00a0bonds or cash and it also allows you to choose your own custom mix of the three.<\/p>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-7\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-7\">About our pension forecast calculator <\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-7\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-7\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>This calculator is NOT a Monte-Carlo simulator in that it does not generate any fake or random data. Instead, this calculator uses historical data and forecasts against it. Essentially it replays what happened in each of the years in the dataset and then summarizes the results.<\/p>\n<p>For a 30 year savings period, this calculator will run a simulation from 1928 to 1958, then it will run a simulation from 1929 to 1959, then from 1930 to 1960, and so on. In simulations that go beyond the present year, it will wrap back to 1928 and count up from there. In this sense, the effect of the great depression is factored in for early and late starting years.<\/p>\n<p>Each individual simulation computes returns by stepping through the years (eg 1928, 1929, &#8230; 1958) and performs the following each year:<\/p>\n<ul>\n<li>Calculates the change in value in the portfolio.<\/li>\n<li>Adjusts the annual withdraw amount for inflation based on the CPI (consumer price index) for that year.<\/li>\n<li>Updates the portfolio balance by adding the change in value and subtracting the withdrawal amount.<\/li>\n<li>Rebalances the portfolio.<\/li>\n<\/ul>\n<p>Our pension forecast calculator will help you understand the likely value of your pension pot at retirement based on your contribution level. Remember that this calculator is based on historical UK market data and that past performance is not an indicator of future returns. What it offers is a chance for you to stress test your retirement plans against numerous market conditions.<\/p>\n<p>You can see how different retirement savings plans would affect your pension. Including how:<\/p>\n<ul>\n<li>A longer or shorter savings period might affect your pension pot size<\/li>\n<li>Higher pension contributions might impact the size of your pension pot at retirement<\/li>\n<li>Your investment choices could affect the value of your pension pot at retirement<\/li>\n<\/ul>\n\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--label-8\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-8\">Our pension forecast calculator assumptions<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-8\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-8\"><i>Expand<\/i><\/a>\n\t\t\t\t\t<p>This calculator does not account for investments fees. This calculator does not take into account any State Pension you may receive. Cash figures are based on the\u00a0<a href=\"https:\/\/www.bankofengland.co.uk\/boeapps\/database\/Bank-Rate.asp\" target=\"_blank\" rel=\"noopener\">Bank of England base rate &#8211;\u00a0<\/a>interest added annually using end of year interest rate.<\/p>\n<p>Bonds figures 1900 -2014: \u00a0Barclays Equity Gilt Study 2016 using the Gilt index, the index has been constructed to represent a portfolio of 15-year par yielding gilts. \u00a0In this study, total returns are calculated assuming income is reinvested at the end of the year. Bonds from 2015:\u00a0<a href=\"https:\/\/www.ishares.com\/uk\/intermediaries\/en\/products\/251806\/ishares-uk-gilts-ucits\" target=\"_blank\" rel=\"noopener\">\u00a0iShares Core UK Gilts UCITS ETF<\/a>, this Fund seeks to track the performance of an index composed of Sterling denominated UK government bonds, yield reinvested into total return. \u00a0The\u00a0<a href=\"https:\/\/markets.ft.com\/data\/etfs\/tearsheet\/historical?s=IGLT:LSE:GBP\" target=\"_blank\" rel=\"noopener\">total expense ratio<\/a>\u00a0of this fund has not been included to reflect the fact that an investor holding a gilt directly would not pay this charge.<\/p>\n<p>Stocks from 1900 &#8211; 2015: \u00a0Barclays Equity Gilt Study 2016 using UK Stocks from 1900 &#8211; 2015, in this study, total returns are calculated assuming income is reinvested at the end of the year.\u00a0After 1985 we have used FTSE All-Shares total return See:\u00a0<a href=\"http:\/\/www.swanlowpark.co.uk\/ftseannual\" target=\"_blank\" rel=\"noopener\">http:\/\/www.swanlowpark.co.uk\/ftseannual<\/a><\/p>\n<p>Cost of living index uses Barclay&#8217;s Equity Gilt Study 2016, UK Cost of Living Index from 1900- 2014. For 2015 and beyond it uses\u00a0<a href=\"http:\/\/www.swanlowpark.co.uk\/retail-price-index\" target=\"_blank\" rel=\"noopener\">http:\/\/www.swanlowpark.co.uk\/retail-price-index<\/a><\/p>\n<h3 data-fontsize=\"32\" data-lineheight=\"48\"><i>Again, this calculator uses backtesting. Past performance does not guarantee nor indicate future results.<\/i><\/h3>\n<h3>\n\t\tYou can use the calculator to test out different scenarios.\n\t<\/h3>\n\t\t\t01\n\t\t<h3>How much you pay in<\/h3>\n\t\t\t<p>You can adjust the settings and see how much it would impact the value of your pension pot, including if you paid more or less into your pension every month. This will help you with your overall retirement planning.<\/p>\t\t\n\t\t\t02\n\t\t<h3>Your investment term<\/h3>\n\t\t\t<p>Consider what would happen if you paid in for longer or shorter periods by amending the investment term section on the calculator (and what impact this would have on your day-to-day life).<\/p>\t\t\n\t\t\t03\n\t\t<h3>How you invest your pension<\/h3>\n\t\t\t<p>The calculator also allows you to explore the repercussions of different investment strategies on your pension worth, including those with a higher capacity for risk.<\/p>\t\t\n\t<p>Arrange a virtual coffee with a pension specialist<\/p>\n\t<p>No fees and no commitments; just a free, confidential conversation about your financial future.<\/p>\n\t\t\t<a href=\"https:\/\/www.2020financial.co.uk\/schedule-a-free-call\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tSchedule a call\n\t\t\t\t\t<\/a>\n<h3>\n\t\tHow to use our Pension Forecast Calculator\n\t<\/h3>\n\t<p>This pension forecast calculator estimates potential pension growth over time to forecast the value of your pension pot at retirement. \u00a0It will take into account not only your pension contributions but also estimated investment growth and compounding returns.<\/p>\n<p>You can adjust the following variables:<\/p>\n<ul>\n<li>monthly\/annual pension contributions<\/li>\n<li>the value of your existing pension\/s<\/li>\n<li>how long you&#8217;ll be saving for<br \/>\ninvestment portfolio<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>You can also use our calculator to see how different investment strategies will affect the final value of your pension pot at retirement.<\/p>\n<p>If you know\u00a0<a href=\"https:\/\/www.2020financial.co.uk\/what-is-a-good-retirement-income\/\">how much money you need in retirement, <\/a>you can see if your current rate of savings, coupled with your investment strategy\/ risk profile, will enable you to reach your retirement goal.<\/p>\n<p>Use our\u00a0<a href=\"https:\/\/www.2020financial.co.uk\/retirement-calculator\/\">retirement cost calculator<\/a> to determine how much you need to retire.<\/p>\n<p>Read more in our handy guide:\u00a0<a href=\"https:\/\/www.2020financial.co.uk\/how-much-do-i-need-to-retire-guide\/\">how much you need to retire.<\/a><\/p>\n<p>You can adjust your contribution term to see how this might affect your pension pot value at retirement, i.e. how saving for a longer or shorter period might impact how much money you have in retirement.<\/p>\n<h3>\n\t\tHow Much Will my Pension be Worth?\n\t<\/h3>\n\t<p>The value of your pension at retirement will largely depend on<\/p>\n<ul>\n<li>how much you pay in<\/li>\n<li>investment term (how long you&#8217;re paying in for)<\/li>\n<li>how you choose to invest your money<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>This calculator allows you to adjust all of these factors so that you can see how much your pension will be worth using different scenarios i.e.<\/p>\n<ul>\n<li>paying more or less into your pension every month,<\/li>\n<li>paying in for longer or shorter periods<\/li>\n<li>choosing different investment strategies<\/li>\n<\/ul>\n<p>How you choose to invest your money should be in line with your tolerance for risk. You shouldn&#8217;t be encouraged to take more risk than you are comfortable with to try and reach your retirement goal faster or to try and make up for lower pension contributions.<\/p>\n<h3>\n\t\tFrequently Asked Questions\n\t<\/h3>\n\t\t\t\t\tHow much do I need to retire?\t\t\t\t\n\t\t\t\t\t<p>Industry estimates reckon<em><strong> you&#8217;ll need anywhere between \u00a310,000-\u00a330,000 per year for a single person in retirement and at least \u00a317,000-\u00a340,000 a year for a couple in retirement.<\/strong><\/em><\/p>\n<p>But these figures are estimates based on averages.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/2019\/05\/Retirement-income-estimates-2019-300x282.jpg\" alt=\"good-retirement-income-estimate-chart-2019\" width=\"300\" height=\"282\" \/><\/p>\n<p>A better way of working out how much you need to retire is to look at home much you&#8217;re currently spending per year and use <a href=\"https:\/\/www.2020financial.co.uk\/saving-for-retirement\/how-much-do-i-need-to-retire-guide\/\">Target Replacement Rate<\/a> to work out how much you&#8217;ll need in retirement to sustain your existing standard of living.\u00a0<\/p>\n<p>Target replacement rate states you&#8217;ll need anywhere between 50-80% of your pre-retirement income to mainstain a similar standard of living in retirement<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/2018\/10\/TRR-300x149.jpeg\" alt=\"Target replacement rate table\" width=\"300\" height=\"149\" \/><\/p>\n<p>Of course, if you plan on living a completely different lifestyle in retirement then you&#8217;ll need a more bespoke appoach to working out how much you&#8217;ll need to retire.\u00a0<\/p>\n<p>Try our <a href=\"https:\/\/www.2020financial.co.uk\/how-much-do-i-need-to-retire-calculator\/\">retirement cost calculator for couples<\/a>, or our <a href=\"https:\/\/www.2020financial.co.uk\/retirement-calculator\/\">singles retirement cost calculator.<\/a><\/p>\n<p>Read more in our full guide to <a href=\"https:\/\/www.2020financial.co.uk\/saving-for-retirement\/how-much-do-i-need-to-retire-guide\/\">How much you need to retire<\/a><\/p>\n\t\t\t\t\tHow much should I save for retirement?\t\t\t\t\n\t\t\t\t\t<p>How much you need to save for retirement depends on<\/p>\n<ul>\n<li>How much you&#8217;ve already saved for retirement<\/li>\n<li>Your desired income in retirement<\/li>\n<li>What age you want to retire<\/li>\n<li>What other assets you have to fund or partly fund your retirement<\/li>\n<li>Whether you&#8217;re both eligible for the full state pension<\/li>\n<\/ul>\n<p>As a general guide, Which? estimate that a couple aiming for a comfortable retirement at state pension age\u00a0<a href=\"https:\/\/infogram.com\/how-much-do-you-need-to-save-per-month-for-retirement-at-different-ages-2020-1hxj48yyjpp52vg\" target=\"_blank\" rel=\"noopener\">will need around \u00a3169,175 in their pension pot and those wanting a luxury retirement will need about \u00a3456,500.<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-1024x683.jpg\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-1024x683.jpg 1024w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-300x200.jpg 300w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-768x512.jpg 768w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-200x133.jpg 200w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-400x267.jpg 400w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-600x400.jpg 600w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-800x533.jpg 800w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1-1200x800.jpg 1200w, https:\/\/www.2020financial.co.uk\/app\/uploads\/2020\/07\/Pension-saving-at-age-20-30-40-and-50-investing-for-retirement-1.jpg 1920w\" alt=\"Pension saving at age 20, 30, 40 and 50 - investing for retirement\" width=\"1024\" height=\"683\" \/><\/p>\n<p>So a couple in their 50s with no pension savings\u00a0<a href=\"https:\/\/infogram.com\/how-much-do-you-need-to-save-per-month-for-retirement-at-different-ages-2020-1hxj48yyjpp52vg\" target=\"_blank\" rel=\"noopener\">will need to save around \u00a3647 a month to enjoy a comfortable retirement<\/a>\u00a0but those in their 40s would only need to save \u00a3384 between them to hit their target.<\/p>\n<p>If you want a luxurious retirement a couple in their 50s with no pension savings would need to save \u00a31,735 between them.<\/p>\n<p>However if you&#8217;re a couple in your 50s with \u00a3100,000 in pension savings already, you would need to \u00a31,311 a month to hit the target.<\/p>\n<p>\u00a0<\/p>\n\t\t\t\t\tCan I Retire at 55 with \u00a3400k? \t\t\t\t\n\t\t\t\t\t<p><strong>You can retire at 55 with \u00a3400k in the UK, as this might reasonably give you \u00a312-16K income a year sticking to the recommended 3-4% a year safe withdrawal rate. <\/strong><\/p>\n<p><strong>However that barely covers minimum income standards in the UK for a single person and is less than the \u00a318K a couple will need for a basic retirement according to industry estimates.<\/strong><\/p>\n<p>If you can live on 12K-\u00a316K per year. Great. But if your income needs are greater you might struggle. For instance, if you plan to take 50K per year your pension pot will be gone in around 8 years. So you need to do your homework before you make a decision.<\/p>\n<p>Read the<a href=\"https:\/\/www.2020financial.co.uk\/can-i-retire-at-55-with-400k\/\"> full article<\/a><\/p>\n\t\t\t\t\tDo I need a Financial Advisor for my pension? \t\t\t\t\n\t\t\t\t\t<p>The increased choice and flexibility for accessing your pension in the UK has brought with it added responsibility and risk. Many people are now also questioning whether they need a financial adviser for their pension. A study of those with pensions in flexi-access drawdown, carried out by insurance giant Zurich, found that\u200b\u200b\u200b\u200b\u200b\u200b\u200b a large percentage were unprepared and uneducated about the risks they were taking on. Despite that many were choosing to go it alone without consulting a financial adviser.\u00a0<\/p>\n<p><strong>You don&#8217;t need a financial advisor for the state pension or guaranteed pensions. But if your pension is based on investment performance it would be a wise move. Zurich estimates that almost 41% of those in drawdown without advice will run out of money in retirement<\/strong><\/p>\n<p>That&#8217;s not to say that you absolutely need a financial adviser but the\u00a0<a href=\"https:\/\/www.royallondon.com\/media\/press-releases\/2019\/november\/financial-advice-provides-47000-wealth-uplift-in-a-decade--new-research-from-royal-london-and-the-international-longevity-centre\/\" target=\"_blank\" rel=\"noreferrer noopener\">evidence published by Royal London in 2019<\/a>\u00a0 suggests that you&#8217;ll be wealthier in the long-term if you have one.<\/p>\n<p>Financial advisers don&#8217;t have a crystal ball when it comes to investing, but they have been trained to take into account all of the moving parts that make long-term financial planning so complex.<\/p>\n<p>Need more reasons to work with a financial advisor? Read the <a href=\"https:\/\/www.2020financial.co.uk\/need-a-financial-advisor-for-my-pension\/\">full article here<\/a><\/p>\n\t\t\t\t\tHow can I calculate my pension?\t\t\t\t\n\t\t\t\t\t<p>You&#8217;ll find a selection of free retirement and pension calculators on our website.<\/p>\n<p>Try our <a href=\"https:\/\/www.2020financial.co.uk\/pension-forecast-calculator\/\">Pension Forecast Calculator<\/a> to discover how much your pension could be worth over time and see how your investment strategy could affect the future value of your pension.<\/p>\n<p>Our <a href=\"https:\/\/www.2020financial.co.uk\/retirement-savings-calculator\/\">Retirement Savings Calculator<\/a> will show you what you might need to save into your pension each month in order to reach your retirement goals.<\/p>\n<p>Our <a href=\"https:\/\/www.2020financial.co.uk\/pension-drawdown-calculator\/\">Pension Drawdown Calculator<\/a> will give you an idea of how much you can afford to take from your pension at retirement and show you how long your pension pot could last based on how much you withdraw.<\/p>\n<p>If you&#8217;d like to speak to a pension advisor to calculate how much you might need to save for retirement,<a href=\"https:\/\/www.2020financial.co.uk\/schedule-a-free-call\/\"> schedule a free call here\u00a0<\/a><\/p>\n\t<p><strong>This pension forecast calculator is provided for general information purposes only. It is a guide and does not reflect the actual amount that you will need in retirement.<\/strong><\/p>\n<p>Any information contained within this website should not be deemed to constitute\u00a0<strong>financial advice<\/strong>, and should not be relied upon as the basis for a decision to enter into a transaction, or as the basis for any financial or investment decision. It is provided for general information and it is vital (and in most cases a regulatory requirement) that you contact a\u00a0<strong>Financial Adviser\u00a0<\/strong>for tailored professional advice in regard to pension and retirement planning.<\/p>\n<ul>\n<li>No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.<\/li>\n<li>If you are a member of a pension scheme with safeguarded benefits, it is likely it would be in your best interests to retain the safeguarded benefits.<\/li>\n<li>Make sure you understand all the risks before investing.<\/li>\n<li>The value of investments and the income they produce can fall as well as rise and you may not get back your original investment. Past performance is not a reliable indicator of future results.<\/li>\n<\/ul>\n\t<p>Download our free expert guide to<\/p>\n<h4>\n\t\tPlanning for your Retirement\n\t<\/h4>\n\t<p>Discover everything you need to know about retirement planning including your pension and income options\u00a0 and how to avoid pension scams<\/p>\n\t<p>For even more inspiration, check out our blog<\/p>\n\t<p>Our most popular posts<\/p>\n\t<p>These are some of our most popular posts. \u00a0Click below or head over to our blog to see other helpful articles on pensions, retirement and investing.<\/p>\n\t<meta itemscope itemprop=\"mainEntityOfPage\" itemtype=\"https:\/\/schema.org\/WebPage\" itemid=\"https:\/\/www.2020financial.co.uk\/how-much-married-couple-need-retire\/\" content=\"How Much Does a Married Couple Need to Retire?\" \/><meta itemprop=\"datePublished\" content=\"2020-08-10\" \/><meta itemprop=\"dateModified\" content=\"2021-11-14\" \/><meta itemprop=\"name\" content=\"2020 Financial Ltd\"\/><meta itemprop=\"url\" content=\"https:\/\/www.2020financial.co.uk\/author\/simong2020\/\" \/><meta itemprop=\"name\" content=\"Simon Garber\" \/><meta itemprop=\"url\" content=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/2019\/03\/8.jpg\" \/><meta itemprop=\"width\" content=\"1920\" \/><meta itemprop=\"height\" content=\"960\" \/><meta itemprop=\"interactionType\" content=\"https:\/\/schema.org\/CommentAction\" \/><meta itemprop=\"userInteractionCount\" content=\"0\" \/>\n\t\t\t\t\t<a href=\"https:\/\/www.2020financial.co.uk\/how-much-married-couple-need-retire\/\" title=\"How Much Does a Married Couple Need to Retire?\"><\/a>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/bb-plugin\/cache\/8-1024x512-square-ef769a76e4d70b36497fbb59ffc5584a-.jpg\" alt=\"How much does a married couple need to retire -Married couple discussing retirement plans\" itemprop=\"image\" data-no-lazy=\"1\" height=\"512\" width=\"1024\" title=\"How much does a married couple need to retire\" onerror=\"this.style.display='none'\"  \/>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tHow Much Does a Married Couple Need to Retire?\t\t\t\t\t\t\t\t\t\t\t\n\t<meta itemscope itemprop=\"mainEntityOfPage\" itemtype=\"https:\/\/schema.org\/WebPage\" itemid=\"https:\/\/www.2020financial.co.uk\/can-i-retire-at-55-with-300k\/\" content=\"Can I Retire at 55 with \u00a3300k? + How Long it Will Last\" \/><meta itemprop=\"datePublished\" content=\"2020-05-26\" \/><meta itemprop=\"dateModified\" content=\"2021-01-18\" \/><meta itemprop=\"name\" content=\"2020 Financial Ltd\"\/><meta itemprop=\"url\" content=\"https:\/\/www.2020financial.co.uk\/author\/simong2020\/\" \/><meta itemprop=\"name\" content=\"Simon Garber\" \/><meta itemprop=\"url\" content=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/2019\/03\/4.jpg\" \/><meta itemprop=\"width\" content=\"1920\" \/><meta itemprop=\"height\" content=\"960\" \/><meta itemprop=\"interactionType\" content=\"https:\/\/schema.org\/CommentAction\" \/><meta itemprop=\"userInteractionCount\" content=\"0\" \/>\n\t\t\t\t\t<a href=\"https:\/\/www.2020financial.co.uk\/can-i-retire-at-55-with-300k\/\" title=\"Can I Retire at 55 with \u00a3300k? + How Long it Will Last\"><\/a>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.2020financial.co.uk\/app\/uploads\/bb-plugin\/cache\/4-1024x512-square-07739b3cc38314945004d868c553fc20-.jpg\" alt=\"Financial advisor Simon Garber answering Can I retire at 55 with 300K\" itemprop=\"image\" data-no-lazy=\"1\" height=\"512\" width=\"1024\" title=\"Can I retire at 55 with 300K\" onerror=\"this.style.display='none'\"  \/>\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tCan I Retire at 55 with \u00a3300k? + How Long it Will Last\t\t\t\t\t\t\t\t\t\t\t\n\t\t<!-- .pp-content-posts -->\n\t<p><a href=\"https:\/\/www.2020financial.co.uk\/blog\/\">Visit the blog<\/a><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>How much will my pension be worth? Pension Forecast Calculator Try our easy to use pension forecast calculator Schedule a free discovery call with a Independent Financial Advisor SCHEDULE A FREE CALL You&#8217;ve put so much hard work into saving for your retirement; but how much will your pension be worth when you hit retirement&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6233,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/pages\/4701"}],"collection":[{"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/comments?post=4701"}],"version-history":[{"count":5,"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/pages\/4701\/revisions"}],"predecessor-version":[{"id":8773,"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/pages\/4701\/revisions\/8773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/media\/6233"}],"wp:attachment":[{"href":"https:\/\/www.2020financial.co.uk\/wp-json\/wp\/v2\/media?parent=4701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}