Budget planner

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. This process will determine the amount of money they'll need each month - their personal minimum income requirement.

Our Retirement Budget Planner can help you show your client's expected income, and overlay their likely expenditure to highlight any gaps.

Using the tool

  • Choose one of three preloaded typical client profiles or create a custom profile from scratch. The typical client profiles show total expenditure and indicate the items that are essential, which you can edit if you need to.
  • Add their total income, or click 'edit' to enter each source of income individually and the calculator will total them for you. 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.
  • Next add their total costs, or add costs individually by clicking 'edit'. As you add each cost you can select a category and indicate whether it's an essential cost or not. Costs can be set to stop at a future date (such as a mortgage) and you can also add expected future costs. The planner will total the costs, and split them into essential and non-essential items.

What will the planner show you?

The planner shows any surplus or shortfall, and displays this information graphically. 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.

Please note that summaries can be printed and given to your clients.

You can find out more about the Retirement Budget Planner by contacting us.

What next?

Once your client has a better understanding of their personal minimum income requirement, they can start to consider their options for generating that income. We offer a range of tools and calculators to help them make decisions.