Saving Tool Advanced
Saving Tool Advanced is now available!
Take your forecasts much further with the UK's most comprehensive personal finance tool.
Your taxes (2024/25)
Various assumptions apply
The primary assumptions are that you are a FTE and that standard tax rates for 2024/25 apply to you. For fewer limitations, try Saving Tool Advanced.
| Year | Month | Week | |
|---|---|---|---|
| Gross Income | £97,000 | £8,083 | £1,865 |
| Pension Contributions£3,880 Saved! | £9,700 | £808 | £187 |
| Employer Pension ContributionsPot Increased | £7,760 | £647 | £149 |
| Taxable Income | £87,300 | £7,275 | £1,679 |
| Personal allowance | £12,570 | - | - |
| National Insurance | £3,756 | £313 | £72 |
| Income Tax | £22,352 | £1,863 | £430 |
| Take Home Pay | £61,192 | £5,099 | £1,177 |
| Added to Pension | £17,460 | £1,455 | £336 |
HMRC Tax rates and rules last updated 15/09/2024
Your Monthly Outgoings
Projected Pension
Wealth & Financial Independence More Info
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Financial independence means having enough saved that your expenses will be covered for the rest of your life.
- In today's money, you'll have at least £17,472 / year (£1,456 / month) when you stop working at 66 - just from your savings
- In real terms (where inflation is not removed), that's £31,013 / year (£2,584 / month)
- That means all your outgoings are covered without having to make any further contributions!
- You may be able to retire earlier - try adjusting the retirement age field
Projected Wealth
Calculations
- FI Target = Annual outgoings (£17,472) * Years needed for 4.00% SWR (25.00) = £436,800
- Invested annual pension = £17,460
- Invested annual surplus = £20,000
- Inflation of 2.5% / year
- Assumes New State Pension, payments increasing with inflation (2.5% / year)
- Assumes student loans last 30 years max
- Assumes a flex-drawdown pension for illustration purposes
- Assumes you draw down pension up to the higher rate bracket (£50,270), then draw down your S&S ISA
- Pension lump sums are not included