Planning for retirement can be tricky, especially trying to weigh your anticipated retirement income against your expected lifespan.
A new calculator from Optimum Pensions aims to give a quick and easy estimate of your likely term of life after retirement, letting you get your finances in order before you leave the workforce.
The tool offers two different versions: one quicker option, and one more detailed option that uses lifestyle factors such as smoking, exercise and diet to give a more detailed prediction.
When used alongside other longevity calculators, it can give you an idea of how long your savings might last once you retire. Though Optimum offers pension plans, it stresses that the calculator is “product agnostic”, meaning it isn’t connected to any of the company’s existing products.
According to Optimum, the calculator should give a better result than existing longevity tables, which account for people with chronic health problems and use old census data, thus lowering the average expected lifespan.
The calculator can be accessed online.
