Retirement planning centre

The state pension provides a subsistence income and no more. It’s now up to you to understand how much money you’ll need in retirement and for how long. Here, you’ll find planners, a detailed guide and other resources to help you plan for a successful retirement, assistance to help you make the right choices at retirement and ideas for you in retirement.

Choose your retirement stage

under 55

Planning

If you’re between 20 and 55 and looking to plan/save for retirement use our interactive tools and solutions. Get on the programme!

  • How much do I need
  • Retirement planner
  • Investing options

55 - 65

Approaching

The new rules on pensions mean you can access your pension from age 55. Make sure you know when to retire and with how much.

  • How much do I need
  • Retirement planner
  • Investing options
  • Drawdown planner

65 +

During

Now you can keep your money invested throughout your retirement, drawing down what you need, when you need it. We can help.

  • Investing options
  • Drawdown planner

Retirement scenarios

David, 30 years old

Convinced that starting a retirement fund early is a good idea, David intends to use a tax-efficient ISA to save £300 per month to build a retirement fund, on the basis that, if he needs access to funds in an emergency, he can access some of the cash from his ISA.

Savings/investments to date: £0
Target retirement age: 65 years old
Monthly investments: £300
Planned income per month at retirement: £4,000

David intends to take £4,000 per month out when he retires.

  • At 5% annual growth David will run out of money aged 73
  • At 6% annual growth David will run out of money aged 77
  • At 7% annual growth David will run out of money aged 85

These amounts are in addition to the State Pension, which you would be able to continue to draw should your own investments run out.

Note: the amount you choose to take out of your investments each month can vary. We have shown a fixed level of withdrawal per month to illustrate these examples.

“As David will be saving for over 35 years, his investments have a long period to grow and hence he doesn’t have to put in a large sum of money each month to achieve a decent income in retirement.”

These results are hypothetical and are for illustrative purposes only, based on the assumptions shown above; they are not, and should not be regarded as personal advice.If you are in doubt regarding your pension, you should seek independent financial advice.

Inflation has been taken into account at 2%pa and platform fees are included. The platform fees are based on the Trustnet Direct platform fees of 0.25%pa, capped at £200pa with a minimum fee of £20pa.

Market conditions could alter the outcome. Past performance does not predict future performance.

Map your own retirement plan

The Trustnet Direct drawdown service

If you wish to take control of your pension, we offer a tax-efficient SIPP to help you build your retirement savings. When you choose to retire, we offer the ability to encash these investments as and when you choose through our flexible drawdown service, whilst keeping the balance working in the markets.

For more information, please visit our SIPP page.

If you wish to plan for your retirement, you can start right here by opening an account. You can:

    

Peter, 41 years old

At 41, Peter feels he may have left it too late to accrue a significant income in retirement, but he plans to retire at 67 and puts £500 gross per month into his retirement fund via a SIPP. As he gets tax relief, he only has to contribute £416.67 per month which is made up to £500 by HMRC.

Savings/investments to date: £0
Target retirement age: 67 years old
Monthly investments: £500
Planned income per month at retirement: £3,000

Peter intends to take £3,000 per month out when he retires.

  • At 5% annual growth Peter will run out of money aged 78
  • At 6% annual growth Peter will run out of money aged 82
  • At 7% annual growth Peter will run out of money aged 92

These amounts are in addition to the State Pension, which you would be able to continue to draw should your own investments run out.

Note: the amount you choose to take out of your investments each month can vary. We have shown a fixed level of withdrawal per month to illustrate these examples.

"Although Peter is 41 and has no savings, he is starting to invest £500 per month and plans to retire later than normal at 67, meaning he builds a decent retirement fund, particularly if it grows at a higher rate."

These results are hypothetical and are for illustrative purposes only, based on the assumptions shown above; they are not, and should not be regarded as personal advice.If you are in doubt regarding your pension, you should seek independent financial advice.

Inflation has been taken into account at 2%pa and platform fees are included. The platform fees are based on the Trustnet Direct platform fees of 0.25%pa, capped at £200pa with a minimum fee of £20pa.

Market conditions could alter the outcome. Past performance does not predict future performance.

Map your own retirement plan

The Trustnet Direct drawdown service

If you wish to take control of your pension, we offer a tax-efficient SIPP to help you build your retirement savings. When you choose to retire, we offer the ability to encash these investments as and when you choose through our flexible drawdown service, whilst keeping the balance working in the markets.

For more information, please visit our SIPP page.

If you wish to plan for your retirement, you can start right here by opening an account. You can:

    

Sally, 44 years old

Now 44, Sally has £100,000 in a pension from a past employer and is looking to top up her retirement fund further over the coming years. She plans to invest £1,200 gross per month and take £5,000 per month income in retirement. At that level of income, her funds are likely to expire before she does.

Savings/investments to date: £100,000
Target retirement age: 61 years old
Monthly investments: £1,200
Planned income per month at retirement: £5,000

Sally intends to take £5,000 per month out when she retires.

  • At 5% annual growth Sally will run out of money aged 75
  • At 6% annual growth Sally will run out of money aged 80
  • At 7% annual growth Sally will run out of money aged 96

These amounts are in addition to the State Pension, which you would be able to continue to draw should your own investments run out.

"Sally, at 44, is looking to retire earlier and live well in style. She wants to continue to grow her retirement fund with £1,200 per month going into her pension (although she will get 40% tax relief as a higher rate tax payer)."

These results are hypothetical and are for illustrative purposes only, based on the assumptions shown above; they are not, and should not be regarded as personal advice.If you are in doubt regarding your pension, you should seek independent financial advice.

Inflation has been taken into account at 2%pa and platform fees are included. The platform fees are based on the Trustnet Direct platform fees of 0.25%pa, capped at £200pa with a minimum fee of £20pa.

Market conditions could alter the outcome. Past performance does not predict future performance.

Map your own retirement plan

The Trustnet Direct drawdown service

If you wish to take control of your pension, we offer a tax-efficient SIPP to help you build your retirement savings. When you choose to retire, we offer the ability to encash these investments as and when you choose through our flexible drawdown service, whilst keeping the balance working in the markets.

For more information, please visit our SIPP page.

If you wish to plan for your retirement, you can start right here by opening an account. You can:

    

Veronica, 50 years old

Veronica has saved a decent amount for her retirement and is contributing a fairly large amount each month into her SIPP, but should consider investing more if she wants to retire as early as 62 years old. She could also consider drawing down less per month, to make her money last longer.

Savings/investments to date: £300,000
Target retirement age: 62 years old
Monthly investments: £1,500
Planned income per month at retirement: £5,000

Veronica intends to take £5,000 per month out when she retires as well as a maximum tax free cash sum of 25%.

  • At 5% annual growth Veronica will run out of money aged 78
  • At 6% annual growth Veronica will run out of money aged 84
  • At 7% annual growth Veronica will still have £130,000 remaining aged 100

These amounts are in addition to the State Pension, which you would be able to continue to draw should your own investments run out.

Note: the amount you choose to take out of your investments each month can vary. We have shown a fixed level of withdrawal per month to illustrate these examples.

"Although Veronica has a decent amount already invested and a relatively high monthly level of investment, her chosen earlier age of planned retirement at 62 means a shorter period of saving and a longer period of spending her retirement fund."

These results are hypothetical and are for illustrative purposes only, based on the assumptions shown above; they are not, and should not be regarded as personal advice.If you are in doubt regarding your pension, you should seek independent financial advice.

Inflation has been taken into account at 2%pa and platform fees are included. The platform fees are based on the Trustnet Direct platform fees of 0.25%pa, capped at £200pa with a minimum fee of £20pa.

Market conditions could alter the outcome. Past performance does not predict future performance.

Map your own retirement plan

The Trustnet Direct drawdown service

If you wish to take control of your pension, we offer a tax-efficient SIPP to help you build your retirement savings. When you choose to retire, we offer the ability to encash these investments as and when you choose through our flexible drawdown service, whilst keeping the balance working in the markets.

For more information, please visit our SIPP page.

If you wish to plan for your retirement, you can start right here by opening an account. You can:

    

Jim, 60 years old

Jim plans to stay working until 68, which means that he can pretty much double his retirement fund in the remaining years he has left to work. His £7,000 income target per month should ensure his money will provide for him if his investments perform well.

Savings/investments to date: £500,000
Target retirement age: 68 years old
Monthly investments: £1,500
Planned income per month at retirement: £7,000

Jim intends to take £5,000 per month out when he retires as well as a 10% tax free cash sum.

  • At 5% annual growth Jim will run out of money aged 81
  • At 6% annual growth Jim will run out of money aged 85
  • At 7% annual growth Jim will run out of money aged 91

These amounts are in addition to the State Pension, which you would be able to continue to draw should your own investments run out.

Note: the amount you choose to take out of your investments each month can vary. We have shown a fixed level of withdrawal per month to illustrate these examples.

"Jim has saved £500,000 but is now 60 years old, so has decided to retire at 68 and contribute a relatively high £1,500 to his retirement fund in order that he can draw a decent £7,000 income per month once he retires."

These results are hypothetical and are for illustrative purposes only, based on the assumptions shown above; they are not, and should not be regarded as personal advice.If you are in doubt regarding your pension, you should seek independent financial advice.

Inflation has been taken into account at 2%pa and platform fees are included. The platform fees are based on the Trustnet Direct platform fees of 0.25%pa, capped at £200pa with a minimum fee of £20pa.

Market conditions could alter the outcome. Past performance does not predict future performance.

Map your own retirement plan

The Trustnet Direct drawdown service

If you wish to take control of your pension, we offer a tax-efficient SIPP to help you build your retirement savings. When you choose to retire, we offer the ability to encash these investments as and when you choose through our flexible drawdown service, whilst keeping the balance working in the markets.

For more information, please visit our SIPP page.

If you wish to plan for your retirement, you can start right here by opening an account. You can:

    
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