For many people, retirement planning starts with a deceptively simple question: ‘Will I have enough?’
The answer isn’t always easy to find. You may have a Civil Service pension alongside pensions from previous jobs, savings, investments, an ISA as well as a your State Pension. Your pension statements tell you what you’ve built up, but they don’t necessarily show you how everything fits together, or whether it will provide the retirement you have in mind.
That’s where Isaac can help. CSPA has partnered with Isaac, an independent UK retirement planning app designed to make complicated pension maths simple.
Isaac allows you to bring your different pensions and other assets together and see your projected finances year by year. Rather than simply showing you a pension balance, it helps answer the questions that really matter: When could I afford to retire? How much could I spend? What happens if I retire earlier? What if investment returns are lower than expected? And how long could my money last?
You can model Defined Benefit and Defined Contribution pensions, State Pension, ISAs, savings, property, additional income and other assets. You can also create different scenarios and compare them side by side.
For couples, Isaac can bring two people’s finances together, allowing you to see the bigger household picture rather than planning each retirement in isolation. It also provides tax efficient drawdown calculations, and Inheritance Tax Planning information.
Isaac isn’t a financial adviser and doesn’t tell you what investments to make. Instead, it gives you the information and projections you need to understand your own position and have more informed conversations with a professional adviser if you need one.
Isaac is also designed to be straightforward to use. You can enter your basic details and get an initial projection in around five minutes, then add more detail as you want to explore different possibilities. It is available as an App on the iPhone, Android, Tablets and on computers via the web.
An exclusive benefit for CSPA members
As part of the new CSPA partnership, members can receive 40% off Isaac Premium membership.
You can start using Isaac for free, with Premium providing access to the full range of planning tools, including unlimited scenarios, couple planning, additional savings and property modelling, tax customisation, drawdown strategies and detailed reports.
Retirement is one of the biggest financial decisions most of us will make. You don’t need to predict the future, but understanding what your future could look like can make planning for it much easier.
Find out more and claim your 40% CSPA member discount at isaacmoney.com/cspa.