Frequently asked questions

Please see below some of the answers to questions we
regularly get asked by our users.

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Why do I need to review my LifePlan?

For LifePlan’s modelling of your financial arrangements to be as accurate as possible,  you should ensure that the detail and value of your entries are updated as frequently as you can.

How often should I review my LifePlan?

We recommend that you review and update your LifePlan at least once a month.

What is LifePlan?

LifePlan is the name of Retireeasy's financial planning calculator that models your assets, liabilities, incomes and expenditure into the future using certain assumptions you select.

What do you mean by Desired Annual Income?

Desired Annual Income is the level of income you would like to receive in your retirement after you have paid for any mortgage, loans, debts and tax.

How will I use my Desired Annual Income?

You will use your Desired Annual Income to pay for your fixed and variable expenses and what is left is your disposable income that you can spend or save as you wish.

Why do I need to make assumptions about inflation, growth and income (yield)?

Your financial affairs will never remain static and you will need to estimate how the values of your finances may change throughout your LifePlan. You can change these general assumptions at any time and you may select specific assumptions for any particular asset.

What does LifePlan mean by inflation?

This is how much you estimate or expect the cost of living to increase by each year. You can use a Government index e.g. Consumer Price Index or you can choose your own value.  LifePlan will show you the future values of your assets and incomes after the effect of the general inflation rate you have selected. This will help you assess future values in today’s terms.

What does LifePlan mean by general estimate for growth?

This is how much you estimate your investments to grow by each year. Most investments can fall or rise in value on a daily basis and if you are unsure of what rate to enter for any of your investments you should consult the investment provider or a financial adviser to guide you.

What does LifePlan mean by general estimate for income (yield)?

This is how much you estimate your investments to pay out (or re-invest) as annual income expressed as a percentage of the capital sum invested.

What if I want to change one or more of my assumptions?

You may change the general assumptions or a specific assumption at any time and LifePlan will immediately re-calculate all affected values going forward.

What does LifePlan mean by Downsize/Equity Release?

Downsize / Equity Release is where you release all or a proportion of any equity that has accumulated in your home by either selling or re-mortgaging your home. LifePlan asks you if you wish to repay any outstanding mortgage with the equity that is released.  Note: If you plan to sell your home to fund care home costs please answer ‘no’ to Downsize and complete the Care Home Costs section in Expenditure.

What does LifePlan mean by second home?

A second home (or more homes) are multiple residences that you own and live in. These do not include any Buy-To-Let properties that you own – these are dealt with in the Assets and Investments section.

Why do I need to make an allowance for Capital Gains Tax (CGT) on the sale of some assets e.g. home

Capital Gains Tax (CGT) could be a significant tax liability on the sale or disposal of an asset so we provide the facility for you to model such a liability in your LifePlan. However, the application of CGT is complex so we ask you to input a notional rate of CGT  based on the sale value of the asset. If you know the approximate CGT liability on the future sale of a specific asset you can select the most appropriate rate using the slider.

Why doesn't LifePlan calculate Capital Gains Tax (CGT)?

LifePlan cannot accurately calculate any future Capital Gains Tax liability as we do not request the purchase price or purchase date of any asset and we cannot calculate any relief that you may be entitled to in a year when an asset is sold.

I have answered all the questions and my current progress shows less than 100%?

Do not worry if this occurs as you may have legitimately skipped a step. Lifeplan will still calculate in most cases where progress is less than 100%.

What does LifePlan mean by Private Pension Plan?

A Private Pension plan means any pension plan where you have accumulated a fund that will be used in the future to provide an annuity or an income drawdown arrangement e.g. a Personal Pension Plan (Individual or Group), a Stakeholder Pension Plan (Individual or Group), a Defined Contribution (Money Purchase) Occupational Pension Scheme, a S32 Buy Out Plan.

What does LifePlan mean by Final Salary pension?

A Final Salary pension plan is an Occupational Pension Scheme (or replacement Buy Out Plan) that currently or in the future will provide you with a guaranteed level of annual pension.

What does LifePlan mean by SIPP?

A SIPP is a Self Invested Personal Pension.

What does LifePlan mean by SSAS?

A SSAS is a Small Self Administered Scheme.

What does LifePlan mean by State Pension?

A State Pension is paid out by the Government.

How do I get the current value of my Private Pension Plan?

You can get the current value of your pension plan by phoning your plan provider or by contacting your financial adviser or online, if appropriate.

What if I change when I plan to take one or more of my pensions?

LifePlan allows you to make changes to the retirement age of each of your individual pension plans at any time and can model if you plan to stagger taking your retirement benefits.

How do I know what to expect to draw annually from a pension plan?

If you are unsure what level of annuity rate to specify for one or more of your pension plans you can seek advice from your financial adviser or you can view current annuity rates from the Government website  It is important to note that future annuity rates may be quite different from the level of annuity rates available today.

The whole of my SIPP is invested in equities so I dont know how long it will last?

LifePlan shows you in the ‘my capital’ chart how long your SIPP will last based on the estimated rate of growth and the level of income that you have selected. You can change these factors at any time and LifePlan will immediately re-calculate any new expiry date.

What if my final salary pension doesn't increase?

If your final salary pension does not increase, select 0% using the slider.

What do I need to enter the amount of cash I have?

LifePlan calculates each year how much capital you need to use to provide your Desired Annual Income. The ‘capital take’ you need uses up your available cash first, by default, before using the capital from any other of your investments. It is possible to change the order in which LifePlan uses capital take – see ‘change the order’ adjacent to the chart selection tabs.

Under ISAs why does it show separate rates for growth and income?

Some stocks and shares ISAs are designed to distribute income and if you choose not to take the income it is reinvested back into the ISA. The ISA may, therefore, increase in value by the reinvested income and by any increase in the valuation of the share/stock holdings that make up the ISA.

I am taking a tax-free income from my investment (insurance) bond, where do I enter this in my LifePlan?

As you are receiving tax-free income, you should enter this bond in the Assets and Other Tax-Free Savings section.

Where do I enter details about my bank deposit accounts

Enter these details as a Personal Investment in the Assets and Investments  section.

Where do I enter details about my cash deposit accounts

Enter these details as a Personal Investment in the Assets and Investments  section.

Where do I enter details about my bank savings accounts

Enter these details as a Personal Investment in the Assets and Investments section.

Where do I enter details of my Premium Bonds and other National Savings investments.

Enter these details in the National Savings section within Assets and Investments.

Why is there no end date for credit cards and repayment loans.

LifePlan will estimate when your credit card balance and/or repayment loan will be repaid from your current balance, interest rate and expected monthly payments.

Where will I find the annual National Insurance Contributions (NIC) deducted from my annual pay.

You can get this from your P60 or from your employer. Alternatively, you can estimate the annual figure by taking the NIC from one of your payslips and multiplying this  by 12.

Where do I enter the income tax deducted from my income.

LifePlan automatically calculates your income tax and shows your net income in the Income Breakdown chart.

What does LifePlan mean by ‘surplus’ in the Lifeplan Desired Income chart.

This is the amount of planned income in a year that is in excess of your selected Desired Annual Income.

Do I enter dividends before or after tax.

Please enter dividends net of income tax.

I have an investment that is not specified in any of the Lifeplan questions.

If this investment generates taxable income, enter these details as a Personal Investment in the Assets and Investments  section. If this investment generates tax-free income, enter these details in the ISA/other tax-free  investment section within Assets and Investments.

What are 'Total Net Assets'

Total Net Assets in the Lifeplan Charts and in the Snapshot means 'All of your assets less any debts'.

What are 'Liquid Assets'

In Lifeplan 'Liquid Assets' are Cash, Current Accounts, Deposits and those assets that can be encashed in small amounts at short notice e.g. National Savings, ISAs, Shares, Unit Trusts, Investment Funds. They exclude assets which can only be sold whole or where encashment rights are limited e.g. Home, Pension Fund, Property and Business Investments.

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Retire Easy Ltd.

RetireEasy is the UK’s only independent retirement planning tool. LifePlan gives you an overview of all of your assets – including investments, pensions, savings, business assets and properties – and the income you will receive after liabilities such as debts, mortgages and income tax. It is not just a snapshot, but shows you how your finances will evolve throughout your retirement.

With Premium LifePlan you can model a Lifetime Mortgage, create and compare up to 10 scenarios of your financial future, radically reduce life insurance costs through a Life Assurance Premium Checker and you can print user-friendly narrative reports.

RetireEasy was established in 2011 and has helped thousands of users to understand their finances throughout retirement and adjust their plans to ensure that their money will last.


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New features on RetireEasy.

Not yet retired?

You can now include all your additional savings, investments and Pension Contributions between now and your retirement, taking into account increasing these Additional Contributions year-on-year and stipulating whether these are one-off or recurring contributions. As always, you can revisit these projections and change them at any time either when your expectations change, or you have real numbers to replace projections already made.

New useful charts?

There are now three additional charts, further breaking down your assets and income.

Download your data in a spreadsheet?

You can now also download spreadsheets giving you the opportunity to view all of your entered information, and your entire LifePlan in one glance.

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