This calculator can help you work out how much you should save now to help achieve the sort of retirement you want later.
In simple terms, to build up a pension pot that could help to provide the type of income you want when you retire, you should consider investing as much as you can afford as early as possible. Saving into a pension plan also allows you to take advantage of the tax relief offered by the Government. For example, if you are a basic rate taxpayer, for every £80 you contribute, £100 is actually invested into your pension (£80 divided by 0.80 = £100). Higher and additional rate taxpayers can claim even more tax relief.
You'd be surprised how much of a difference it can make if you start saving for your retirement now rather than putting it off until later. Our contributions calculator will show you how saving today could improve your tomorrow.
This calculator will help you understand how investing in a pension for your child now can give them a head start for tomorrow.
It's easier than you think to invest for your child. For instance, you could consider investing any child benefit you receive. Any contributions you invest may qualify for pension tax relief from the Government, even if your child doesn't pay income tax. Try our children's calculator now to see how much you could invest for your child's future.
- The value of tax relief depends on your/your child's individual circumstances and is subject to change.
- The value of investments can go down as well as up, so the value of your/your child's pension pot is not guaranteed.
- The money you invest in a pension for yourself or your child is tied up until you or your child are ready to take the benefits. Currently this can be from age 55 onwards.