MSV Life has launched an interactive retirement planning tool on its website.
Stuart Fairbairn, Chief Officer Business Development at MSV Life, explained, “Following the publication of our popular Simple Guide to Pensions we are delighted to offer an interactive tool via our website to help people understand their retirement planning better.
The tool provides an accurate calculation of how much State Pension you will receive and when you will receive it, based on the current rules. It takes into consideration your salary, the number of years worked to date and your age.
Mr. Fairbairn commented, “This is extremely important information since everyone needs to know what the Government will provide for them in retirement. The calculations can be quite complex but in providing this online tool everyone can see what their pension will be just by answering 4 simple questions.”
But the tool doesn’t just stop there. It enables you to plan what income you would like to receive in retirement and then calculates how much you will need to save today in order to make up for any shortfall between the State Pension and what you will need. If you have existing savings set aside for retirement, then the calculator can take these into consideration and will show you the difference they will make. You can also play around with the amounts you save in order to see how this will affect your income in retirement.
“Some of the figures might shock people”, Mr. Fairbairn warned, “however it is important that we are realistic about our futures. State Pensions are becoming less affordable and we have to take responsibility for our futures and those of our children. We are all living longer and it is very possible that our savings will have to provide us with an income in retirement for at least 25 years. That’s a sobering thought when most of us will have only actually worked for 40 years!
Try the online calculator today at www.msvlife.com/myfuture
MSV Life p.l.c. is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, 1998. COM 101214/1