# Retirement calculator



## !RAY (5 Mar 2021)

Hi I have 10 years to go, I have been searching Google for a spreadsheet that I could use. I would like to enter my salary and what I have in my pot today. Also what I contribute each month also be able to vary the growth rate ie assuming 3% per annum. The information I would like to get is what my pension will grow to and when I get to the magic age if I take out say 10% what will whats left grow by. 
My aim is to see how much I need over the next 10 years to get €30,000 per year which I will reduce when state pension kicks in. Hope i have explained ok. Thanks.


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## Coldwarrior (5 Mar 2021)

The Pension Authority have one here:  https://www.pensionsauthority.ie/en/lifecycle/useful-resources/pension-calculator/

New Ireland also have one here: https://www.newireland.ie/pension-calculator/

Take them with a pinch of salt though, they are based on a lot of assumptions and the results seem to vary a fair bit between calculators. Irish Life have a projection built into their web portal for example that seems a lot more optimistic than the above two calculators.


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## !RAY (5 Mar 2021)

Coldwarrior said:


> The Pension Authority have one here:  https://www.pensionsauthority.ie/en/lifecycle/useful-resources/pension-calculator/
> 
> New Ireland also have one here: https://www.newireland.ie/pension-calculator/
> 
> Take them with a pinch of salt though, they are based on a lot of assumptions and the results seem to vary a fair bit between calculators. Irish Life have a projection built into their web portal for example that seems a lot more optimistic than the above two calculators.


I know I am making a lot of assumptions myself  just trying to make them calculated to some degree. Thanks very much for your help. Have a good weekend


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## ginslia (5 Mar 2021)

I haven't found these calculators to be much good - particularly the Irish Life one.  The basic assumption in their examples seems to be that each person has had one pensionable job and therefore only one type of pension fund built up, and even if the stated length of service is 10 years or so, they are still banking on the full state pension.

If the OP has had a few different jobs/lengths of service/pension types, its hard to get the kind of information you really want from these basic calculators.  However there are lots of YouTube type videos covering everything from how much funds you should have built up by age/income, can I afford to retire at age 55 etc etc.  The last one was a UK based advisor video using a nice cash flow forecast model & charts, but no sign of the underlying spreadsheet itself - might give you some ideas.

Do review any annual statements you receive on your pension as typically they will list some of the information you are looking for.


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## Shazzaqwe (8 Mar 2021)

I found them all very confusing and wildly different.
So my rule of thumb is that whatever your total investment pot is that when you retire you take 25% of the value of your pension fund as a tax free lump sum.
Then after that is taken off the pension pot add up whatever your investments are (Pension, Shares, Savings) at that point.  and assume they will give you 4% per year after that.

So If you had a pension fund of €600k + shares of €100k and cash savings of €100k.
Take €150k cash from the pension pot, which leaves €450k + 100k + 100k = €650k left.

€650k * .04 = €26k per year + inflation.
Then add in the state pension at 67 if you qualify for it.


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## Laughahalla (8 Mar 2021)

Try using this compound interest calculator.
Put in what your fund is currently. The percentage you expect it to grow each year by the number of years and your monthly contribution.









						Compound Interest Calculator
					

Use our compound interest calculator to see how your savings or investments might grow over time using the power of compound interest




					www.thecalculatorsite.com
				




rule of thumb I use is to divide the yearly amount you want by 12 and multiply by 300.
e.g. you want 30k per year , divide by 12  = 2500 multiplied by 300 = 750k needed.  However, This doesn't factor in the state pension or taking a tax free lump sum. Play around with the calculator above and you will get a good idea.

A lot of the pension calculators online such as the pensions authority one use a really conservative rate of return and assume you are paying the highest charges.


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## !RAY (10 Mar 2021)

Thanks all for your replies


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## jamesdorrian (9 May 2022)

Thanks for the links above - I think this is the most accurate of them all though https://nationalpensionhelpline.ie/pension-calculators/pension-pot-calculator-ireland/

It's the only one that take management fees into and inflation into account so you can figure out what you're really going to have at the end


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## Sunny (10 May 2022)

jamesdorrian said:


> Thanks for the links above - I think this is the most accurate of them all though https://nationalpensionhelpline.ie/pension-calculators/pension-pot-calculator-ireland/
> 
> It's the only one that take management fees into and inflation into account so you can figure out what you're really going to have at the end



Are you linked to this site? Who runs this site? I don't like it. Makes itself look like a Government site with the Harp and the name National Pension Helpline. It then has pension provider partners that don't seem very keen to be named. Useful site information wise but it smacks of a selling tool.....Something is paying for the free consults


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## 50andOut (10 May 2022)

agree with Sunny above, very misleading. I was reluctant to even click on the link from a 1 post member. 

As for the calculator itself - Its rubbish, one of the most basic and useless ones I have come across. Not to mention the poor explanation and spelling mistakes, looks like it was written as a 1st year school project

_Understanding the Pension Calculator_​_The purpose of our pension calculator is to help people understand how much they contribute to their pension to retire comfortably._

_How our pension calculator can help you plan for retirement_​_Finding ouot how much you need to contribute…_

_What is the effect of the state pension on the calculations_​_You can expect a minimum of €253 (which is outcurrent state pension) in retirement ….. which means c. €12k / year_


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## ryaner (10 May 2022)

Sunny said:


> Are you linked to this site? Who runs this site? I don't like it. Makes itself look like a Government site with the Harp and the name National Pension Helpline. It then has pension provider partners that don't seem very keen to be named. Useful site information wise but it smacks of a selling tool.....Something is paying for the free consults


A little searching and there is a James Dorrian connected to BeQuick media who are listed as powering that side. Definitely seems like advertising.


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