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What is the pensions calculator supposed to prove?

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Written on: 14.11.2009 [15:47]
Topic creator
Posts: 2
I just typed my data into a pensions calculator online and it told me that the amount I'm saving each month will only generate 20% of the annual income I'll need as a pensioner! How am I supposed to live?!
Written on: 17.11.2009 [22:46]
Posts: 10
Check that you entered all the details correctly. Sometimes it asks for your annual salary, and if you only enter your monthly salary it will miscalculate! Also, remember that you will be getting a state pension, as well as income from your private pension. If the numbers are correct and you're facing the future as a poor pensioner, think of ways to bridge the gap. Maybe you could reduce your expenses elsewhere and start putting more money into your pension fund! Or plan on working a few years longer?
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