Information you'll need
By entering information into the Retirement Calculator that best reflects your position you'll get more realistic results. This checklist tells you what you'll need to dig out of your files.
If you want to get started and don't have everything on this list, don't worry - one of the calculator's features is that you can save your details and come back to update them any time.
- Income - Include annual salary, money you receive from renting out property, pension income or any other sources such as dividends or bonuses.
- Outgoings - Include council tax, mortgage or rent, power and telephone costs, loans, credit cards and insurance policies. Remember to also include everyday expenses like food, entertainment and travel.
- State pension - For the 2011/12 tax year, the basic state pension for a single person is £102.15 per week. This will depend on your National Insurance contributions. For couples the amount can vary depending on your circumstances. You should also consider any entitlement to the State Second Pension.
- Personal pensions - Check your most recent statements for any personal pensions you contribute to. Statements are posted every year, however if you don't have these, or are unclear on any of the information, phone your provider and ask.
- Company pensions - Employer schemes may send you a yearly statement explaining what sort of pension you're likely to be paid at your agreed retirement date. Your scheme booklet should also have information or you can speak to your employer, the scheme trustee or your pension fund provider.
- Previous pensions - Think back to your previous jobs and track down any paperwork relating to previous pension schemes you may have. If you don't have this information you could contact these previous employers or pension providers. Make sure they have your current address.
- Property - You'll need to know the current value of your home, and check whether you're on track to repay your mortgage(s). You'll also need the value of any buy-to-let properties and holiday homes. If you have property overseas, work out the approximate value in pounds sterling.
- Savings and investments - You'll need to know how much money you have in bank and building society accounts, shares, unit trusts, ISAs and so on.
Tips:
- All is not lost if you can't find a former employer - you can track lost pensions down through Direct Gov. However small, they will make a difference to your final fund.
- According to the Unclaimed Assets Register (UAR), there is more than £15 billion in unclaimed assets, including pensions and savings accounts, as at April 2011. Visit the UAR website to see if some of this money could be yours.
