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Retirement budget planner3/13/2023 ![]() ![]() You can find out more about the Retirement Budget Planner by contacting us. Please note that summaries can be printed and given to your clients. It also provides an indication of the percentage chance of living to certain ages, based on your client's own assessment of their health, which will help them understand how long they might need to plan for. The planner shows any surplus or shortfall, and displays this information graphically. The Most Important Ages for Retirement Planning: Age 59. ![]() The planner will total the costs, and split them into essential and non-essential items. Remember to factor the following expenses into your retirement budget. Costs can be set to stop at a future date (such as a mortgage) and you can also add expected future costs. As you add each cost you can select a category and indicate whether it's an essential cost or not. Next add their total costs, or add costs individually by clicking 'edit'.Find out how much it costs to run a used car over a year. Include their State Pension, any other pensions payable (such as those from defined benefit schemes), investment income, buy-to-let income or sources of earned income. Use our free online MoneyHelper Budget Planner tool to work out how much money you have coming in, what youre spending it on and how to improve your finances. Add their total income, or click 'edit' to enter each source of income individually and the calculator will total them for you.The typical client profiles show total expenditure and indicate the items that are essential, which you can edit if you need to. ![]() Someone making 200,000 may need only 55 of their preretirement income to help fund a retirement lifestyle that could cost up to 110,000 in annual expenses. Choose one of three preloaded typical client profiles or create a custom profile from scratch. For instance, a person making less than 50,000 a year before they retire might need to replace 80 of their preretirement income on average in retirement, and cover 40,000 in expenses.Our Retirement Budget Planner can help you show your client's expected income, and overlay their likely expenditure to highlight any gaps. How to Create a Retirement Budget Start with an estimate of the income you will need. This process will determine the amount of money they'll need each month - their personal minimum income requirement. Please bear in mind that we haven’t made any adjustments to the calculations for inflation and future changes to taxation and legislation.Often the first step in identifying what an individual's retirement solution might look like is to take stock of what income they currently have, and compare it against what they expect to spend on their monthly bills in the future. The Budget Planner is a quick and easy tool that helps you to think through how much you might need in retirement. It will also show you how likely you are to live to different ages, depending on how you rated your health, so that you have a good understanding of how long you need to plan for.Then it will work out whether you will have money left over, or a shortfall in the money that you need to enjoy your retirement and display this visually for you.The budget planner will then split all of your costs into essential and non-essential items.You can also set costs to stop at a future date (such as when you have finished paying off your mortgage) or you can add future costs. ![]() For each item that you add, you’ll need to decide whether it is an essential cost or not. This may include: your State Pension any other pensions investment income buy-to-let income and any income that you will earn from employment. Then add each source of income separately. Start by entering your age and current state of health. ![]()
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