Helpful Guides

Expert tips and guides to help you in planning your retirement.






More advice on getting the max out of your RetireEasy LifePlan

We are truly delighted with the feedback and questions we receive from you all and in most cases we are able to offer a LifePlan solution to the financial events that you wish to plot. 

From this feedback, we have put together some useful tips which hopefully will help you if you wish to plot a new scenario or if you are simply updating your LifePlan.  So, this is the first of an occasional series of Helpful Guides & Tips

Tip 1 – Final Salary / Define Benefit Cash Lump Sums

A number of you have asked where to put your expected cash lump sums derived from a Defined Benefit / Final Salary pension plan?.  

As you will have gathered only the pension income is entered under the ‘Final Salary’ section.  The cash lump sum is entered under Tab 6. Income > Expected Future Income > lump sum amount > set as tax-free

Tip 2 – Expected Future Income & Future Costs

 When we designed LifePlan we expected that there would be many financial events and circumstances that you may wish to plan for that were individual but possibly non-standard so would not fit within any of the other LifePlan fields. This is where Expected Future Income (Tab 6 > Income > Expected Future Income) is very useful as here you may plot a virtually endless range of lump sum or regular income scenarios that you may be expecting e.g. potential legacies, trust income and as described in Tip 1, cash lump sums from final salary pension plans.

Future costs is equally as useful and here you may plot lump sum or regular amounts of future expenditure such as a houses deposit for a family member, school fess or a big ticket item such as a car purchase or cruise.

 Tip 3 – Fixed & Variable Expenses

It is important to note that these sections have no interaction with your LifePlan through the years.  We have included these sections to help you list your current expense items and the LifePlan Expenditure chart shows your annual disposable income which is your selected Desired Annual Income less the total of the expenditure items.   

 


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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.

Premium LifePlan not only provides live updates on stocks and fund values, provided by Morningstar, and you can model a Lifetime Mortgage, create and compare up to 3 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.

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