Retirement income planning fills most people with dread. A typical employee will have built up benefits in a number of pension schemes during their career, and will experience confusion at the prospect of pulling them together to see the big picture.
Other sources of savings and income, such as the State Pension, which are just as important in retirement planning, can add to the sense of anxiety.
Supporting people with their retirement income planning can have a positive impact on financial wellbeing in the workplace. It can encourage young employees to start saving earlier, provide more certainty in the approach to retirement, and increase confidence throughout people’s working lives.
We have created a simple tool that helps people understand their retirement finances.
First Actuarial’s Retirement Planner estimates an individual’s potential retirement income from all sources – including occupational schemes from past and present employers and the State Pension.
This removes the fear of the unknown that individuals of all ages feel about their financial future – and shows the difference that saving a little bit more can make.