Your forecast gives you an indication of what your retirement income might be in the future, based on your existing pension value and projected monthly contributions so far. Your retirement income in My Forecast is calculated as the amount you can drawdown every year at your selected retirement age until age 100, based on:
1. the amount of savings you have today
2. how much you contribute throughout your life
3. how the value of your savings grow in line with market growth
You can make changes to your selected retirement age and contributions to see what sort of impact this directly has on your forecast.
You can also add in the value of your other pensions, including your current workplace pension, and any other private pensions you have. This will make your forecast value more representative of what you’ll really get at retirement.