Saving Tool Advanced
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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 | £22,605 | £1,884 | £435 |
| Pension Contributions | £0 | £0 | £0 |
| Employer Pension Contributions | £0 | £0 | £0 |
| Taxable Income | £22,605 | £1,884 | £435 |
| Personal allowance | £12,570 | - | - |
| National Insurance | £802 | £67 | £15 |
| Income Tax | £2,007 | £167 | £39 |
| Take Home Pay | £19,797 | £1,650 | £381 |
HMRC Tax rates and rules last updated 03/12/2024
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.
Try the following to see how your outcome changes:
- Increase your retirement age
- Increase your pension contributions
- Reduce your non-essential outgoings
- Increase your chosen Safe Withdrawal Rate
- Reduce your spending proportion in retirement
Projected Wealth
Calculations
- FI Target = Annual outgoings (£17,472) * Years needed for 4.00% SWR (25.00) = £436,800
- Invested annual pension = £0
- Invested annual surplus = £0
- 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