Frequently Asked Questions

Retirement Planner

My Retirement Estimate

Wealth Wizards

Calls

What is the Retirement Planner?

An online tool to help you forecast your retirement income.

It will tell you how much you could receive in retirement based on how much you currently have in savings and how much you're contributing.

The tool will use your current annual income and any planned expenditure, to create a personalised guide as to how much you may need in retirement to maintain your current lifestyle and whether the forecasted income you’ve been given is enough to sustain this.

You can then use this information to either carry on as you are or make changes where necessary. You can also book a call to talk things through with a retirement expert.

Why would I use the Retirement Planner?

One of the most frequently asked questions people ask as they approach retirement is “how much do I need to retire?” Well, now you can find out!

And it all depends on how much you have saved now, how much you’re likely to keep saving, and what kind of lifestyle you want in retirement. See if you’re on track to retire the way you want by using our Retirement Planner tool.

When would I use the Retirement Planner?

Anytime – our online tool is available 24/7. You can book in to chat to one of the Wealth Wizards team between 9am – 5pm at a date and time that suits you.

How do I use the Retirement Planner?

The Retirement Planner tool will ask you for some simple information such as when you’d like to retire, your existing savings and whether you have a mortgage, for example.

Based on your answers, it can forecast your predicted retirement income and the lifestyle this may afford.

The tool will then ask for your current annual income to predict how much you’ll need in retirement to maintain your current lifestyle. It will then compare this to the forecast you’ve been given to see if your current plan is sufficient.

The tool will make some assumptions on things like investment growth, state pension entitlement and how you’ll take your retirement income. All the assumptions can be seen on the results page of the Retirement Planner.

What information do I need before using the Retirement Planner?

Retirement Planner is designed to be a simple as possible. So, if you don’t have any information at hand, you can still provide estimated figures to get a general indication of your retirement forecast.

The more accurate the information you provide, the better your results will be.

So, it’s best to have an idea about your current income and expenditure, how much you have in pensions, how much you’re currently contributing to them, when you’d like to retire, and whether you have any other savings or other investments you wish to use in retirement.

Why should I use this service over others?

Unlike many other services available, our Retirement Planner can be completed in just a few minutes while still providing a detailed forecast of your retirement income.

It uses your own income and expenditure to give a personal indication as to whether you can sustain your current lifestyle into retirement, based upon the actions you're taking now.

Perhaps most importantly, it then gives you the opportunity to take all of this information and speak to a real, human professional about your retirement goals and how to achieve them.

Is this tool suitable for me?

Our retirement estimate is aimed at anyone between the ages of 45 - 74 who wants to start planning for retirement or is just curious about their potential retirement income.

What if I’m under the age of 45 or over 74?

We’re still here to help you. Book a free introductory call with one of our financial planning experts to see how we can help you.

Can I change the answers I provide?

Yes, you can update any fields as you progress through the tool. Each field will influence your results so it’s best to be as accurate as you can be.

Once you have completed the tool, you will be provided a link to your results via email so you can return to your journey, make changes and review your estimate at any point.

Where is my data stored and is it confidential?

We store the information you provide in highly secure data centres within the European Union. The same data centres are used by many leading Companies, including Amazon.

Only employees of Wealth Wizards or authorised third parties who need to have access for the purposes of providing or administrating our service to you will have access to the information.

We have industry standard controls in place to protect every aspect of the information we hold. These are checked by external experts and certified to the international standard for information security (ISO 27001). You can read about this in more detail in our Security policy.

What if I want to know more? What are the next steps?

Once you have your estimate, you’re able to book a free 1-1 introductory call with a retirement expert to discuss your results and help put a plan in place.

How is the income calculated?

The service gives you an estimate of how much you might need when you retire and the retirement income you might be on track for. There are lots of factors that will affect your retirement income. We’ve used industry standard assumptions where possible.

This service doesn't provide personalised advice or recommendations. What you receive when you retire will depend on how your investments perform. This could be more or less than the amounts shown.

How is my projected retirement income calculated?

Your Retirement Estimate gives you an indication of how much you might need when you retire and the retirement income you might be on track for.

We use the information you provide, together with some industry standard assumptions, to calculate the figures shown. What you receive when you retire will depend on how your investments perform. This could be more or less than the amounts shown in your estimate.

What is included in my Retirement Estimate?

Our Retirement Estimate is designed to show you what your retirement could look like. Using the information you provide and certain other assumptions, it will show you if you can afford the retirement you’d like, what age you could retire at and how much you could afford to spend in retirement.

Depending on your circumstances, it will also provide you with some alternative scenarios to allow you to plan for the retirement you want.

How do you calculate the lifestyle brackets?

These lifestyle indicators are based upon research from the Pensions and Lifetime Savings Association (PLSA) and Loughborough University which investigated the average living standards of UK retirees and how much was needed to fund each lifestyle.

These figures have been collated to provide an indication for how much money may be needed on average to achieve one of three living standards – minimal, moderate or comfortable - this provides a quick reference guide for people to see if they are on track for the retirement they want. It’s important to note that the income figures provided are net of any tax and assume you will not have a mortgage in retirement.

The income suggested to maintain my current lifestyle is much lower than my current annual income. Why is this?

On average when people enter retirement, their expenditure reduces. This is due to things like a mortgage often being paid off, a reduction in commuting costs and paying less tax, as well as simply a general ‘slowing down ‘of someone’s lifestyle in their later years.

Of course, other costs like utility bills, leisure and travel may increase so it’s important to use these figures as a guide and think about your own lifestyle.

Who are Wealth Wizards?

Wealth Wizards are one of the Top 100 advice firms in the UK (as rated by Citywire).

We aim to make financial advice and guidance affordable and accessible for everyone. We build and provide the technology to do this, while also offering a Personal Advice Team who can provide education, financial coaching, and independent advice.

Owned by Royal London, we are part of one of the largest financial institutions in the UK. This does not alter our regulatory responsibility to provide you with independent and impartial guidance and advice.

Are you regulated? Can I trust you?

Yes we are. You can find us on the Financial Conduct Authority register, our firm reference number is 596641.

This means you have access to the Financial Ombudsman Service, and protection under the Financial Services Compensation Scheme in relation to the regulated advice we provide.

Are your advice fees value for money?

Yes, we only charge for the service you need, with simple, clear and affordable pricing.

All our advice fees are fixed and transparent so you can decide if you are getting great value. We don’t charge a percentage of your wealth.

Read our PAT Services and Charges to see how much you could potentially save compared to the industry average.

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How do your fees compare to others?

The Financial Conduct Authority (FCA) says advisers charge an average of 2.4% of the amount invested for initial advice and 0.8% a year for ongoing advice (1.9% p.a with underlying product and portfolio charges factored in).” (Which, 2024)

Wealth Wizards prefer to charge a low-cost, flat fee. The fee depends on the type of advice you receive but this payment can usually be taken directly from your pension pot to keep things as tax efficient as possible and save you having to pay from your cash savings.

Find out more here: https://www.wealthwizards.com/pat-services-and-charges

Can you advise on Defined Benefit (DB) pensions?

We do not advise on Defined Benefit transfers at Wealth Wizards. However, we will take any income or tax free cash you are expecting from Defined Benefit into account when creating a financial plan for you. The Retirement Planner will do the same.

So you get a holistic view of all your retirement income and outgoings in one place.

How much does the initial guidance or advice call cost?

Nothing! It’s free. Your initial call will be with one of our Financial Planning Consultants.

These consultants are experts and can talk you through your situation. They will only provide guidance on the call i.e. no specific recommendations (think “could” rather than “should”).

If you’d like to take financial advice, this option is also available for a fixed, transparent, low cost fee. The financial planning consultant can explain more about this based on the advice service you need.

What can I expect if I book a call?

Our retirement expert will call you at the agreed time and answer any questions you have, provide practical tips and options for you to consider and agree some potential takeaway actions. We will not provide any advice or personal recommendations.

What can they discuss on the initial call?

Your first call will be with a financial planning consultant. They are financial experts.

They can answer your questions, explain financial concepts in understandable terms, and discuss your goals with you so that you feel more informed and confident, to take the next step in planning for the retirement you want.

Essentially, they will discuss what you “could” do rather than what you “should” do.

They cannot provide advice or personalised recommendations on the initial call. There is an advice service available should you wish to use it after the initial call.

What can they discuss on the initial call?

Your first call will be with a financial planning consultant. They are financial experts.

Essentially, they will discuss what you “could” do rather than what you “should” do.

They cannot provide advice or personalised recommendations on the initial call. There is an advice service available should you wish to use it after the initial call.

Who will I be speaking to?

Your free 1-1 introductory call will be with a qualified Financial Planning Consultant from our dedicated Personal Advice Team. Find out more about our Personal Advice Team.

How are the calls conducted?

These calls are typically conducted via Microsoft Teams video call so that we can review your retirement estimate results and explore them together on screen.

What if I need financial advice?

If it is agreed that advice would be a beneficial next step, we have a fantastic team of qualified and regulated Financial Planners who can build a comprehensive retirement plan and take care of everything for you. If agreed, this will be arranged on your initial introductory call.

Do I need a minimum level of investable assets for advice?

We generally find that our advice service is most suited to those who have at least £50,000 in pensions, cash or other investable assets.

If you don’t have this level of savings or are unsure if we can help or not, get in touch. We can discuss your needs and if we can’t help, we will help you find someone who can.

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Is there a fee for advice?

Initial introductory calls are free. If advice would be beneficial and you agree to proceed, our Financial Planning Consultant will explain our service and the fees involved. Find more information on our Services and Charges.

Why would I need advice?

If you’re happy creating your own plan and confident in managing your investments, know how to minimise tax and which products to select throughout your retirement, perhaps you don’t need advice.

But if you would prefer to talk through your goals with a professional and have everything taken care of for you, you may benefit from speaking to an adviser.

You’ve worked for a long time to build up your life savings. Speaking to a professional can make sure you make the most of those savings and be “money stress free” in retirement.

Remember, the first calls are free with no obligation to take the advice, so why not find out?

Isn’t financial advice expensive?

Traditionally, financial advisers take a percentage of your investments per year as payment and they may charge additional fees on top. This can add up to quite a lot.

At Wealth Wizards, we like to be as simple and transparent as possible. We charge a single, flat fee at outset and then a flat fee each year, if you would like to continue receiving advice – that's it!

Find out more here: https://www.wealthwizards.com/pat-services-and-charges

Can I have someone with me on the call?

Yes, if it would make you feel more comfortable having a friend or family member with you, then they are welcome to join the call. Just make suer it’s someone who you are comfortable sharing your financial information with.