A digital tool provided by Royal London, this resource allows individuals to estimate their retirement income based on factors such as current contributions, age, and desired retirement date. It typically offers various scenarios to help users understand the potential impact of different contribution levels and investment strategies. An illustrative example might involve an individual aged 45, contributing 200 monthly, exploring potential retirement income at age 65 based on different projected growth rates.
Planning for retirement is crucial for financial security. This type of resource empowers individuals to take control of their retirement planning by providing clear projections and insights into potential outcomes. By offering a personalized estimate, it can motivate users to adjust their savings strategies or explore other options to ensure a comfortable retirement. This type of online tool has become increasingly important in recent years as individuals bear more responsibility for their retirement planning than previous generations.
