Use the calculator below and we'll break down how much tax relief could be added to your pension pot, and tell you whether or not you need to file a Self-Assessment tax return to claim a portion of it. How much do you earn annually?
Both the projected and target income figures shown are before tax. We also assume that your investments will continue to grow at a rate of 5% after you retire, that the rate of inflation is 2% every year and that you won’t be taking a 25% tax-free cash lump sum when you’re ready...
The remainder is treated as taxable income so you need to be careful you don’t become eligible to pay more tax than you might need to You’ll need to consider a suitable home for your pension savings once you’ve taken them all as cash ...
If you pay income tax above the basic rate, you may be able to claim additional tax relief from HMRC directly via your Self-Assessment tax return. This will be offset against your total tax liability for the tax year rather than paid into your pension. ...
Use ourRetirement Income Calculatorto see how much you could get if you retire at different ages with different-sized pension pots. If you’re over 50, you can book an appointment withPension Wise, a free pension guidance service from MoneyHelper. ...
Use our retirement calculator to see how much money you need to achieve the annual income you’d like to enjoy in retirement. Book a free pension planning consultation Book a free consultation with an independent Wealth Planner to find out how our specialist pension planning and tax advice can...
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(yearly, post tax) % Expected Inflation% Calculate (results appear below) Retirement Calculator The bottom line There’s no getting around it: The onus will likely be on you to fund your retirement journey. Gone are the days when you could rely on an employer to take good care of you af...
To the retirement calculator Cohabitation agreements It is best to settle any major financial issues in a cohabitation agreement. This will allow you to make your own individual arrangements. You can determine how much each partner should contribute to living expenses, for example. ...
Cash Balance Plans: These are a type of defined benefit plan that provides a lump-sum payout at retirement rather than a monthly annuity. Hybrid Plans: These combine elements of defined benefit and defined contribution plans, offering a guaranteed minimum benefit as well as investment options. Ta...