Pension Calculators

These Pension Calculators are part of the suite of free online finance calculators designed and maintained by iCalculator. Please choose one of the pension calculators from the selection below. If you are looking for a bespoke pension calculator for a certain pension calculation that is not featured in our suite of pension calculators, please contact us and we will build the pension calculator and add it to our suite for you and our other communities free use online.

Each of the pension calculators featured on this page comes with a detailed guide with the relevant information about the calculator and the calculations. In other words, when you click the link of the calculator you will discover:

Pension Calculators. This image shows an employee considering the merits of different pension providers and calculating the investment risk and return on investment using the pension calculators provided by iCalculator.
  • The calculator will have all the information to guide you through the calculations plus the list of advantages and disadvantages, so you can make more informed decisions about your pension.

  • You will not only have the online calculation, but all the relevant information like, what are the formulas, allowances and thresholds used for the calculations, with supporting instruction on the information you need to add to complete the calculations.

All the calculators are online and free with supporting pension guides. Our main aim is to make sure that you are sufficiently prepared for the second inning of the game of life.

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A brief introduction to the concept of a pension and its history

Having a pension plan is extremely important. Imagine yourself in old age, sitting comfortably in a relaxed environment without having to worry about money. Well, you can experience this if you have the right kind of pension plan. Now, by pension we don't only mean the state pension plan, but also the one you choose for yourself privately.

If you are expecting to live after retirement on a state or government pension you may be able to do that, but it will likely only cover the basic necessities. You may be fortunate enough to receive a pension from your employer, that could be really useful in old age. However, in some cases where only a single spouse was working, it could become a little tight with a single pension spread across a family of two.

Wouldn't it be better if you take a pension plan today that will take only a fraction of your income now, so you can enjoy a stream of a stable cash flow after your retirement? This is not only true in the modern world, the concept of pension is quite ancient. It can be traced back to the 7th century.

It was part of the 5 pillars of Islam as Zakat (kind of charity) and continued from the 8th to 13th centuries where taxes were collected by Islamic governments and the funds were used to provide income for needy and poor people. It was used as an income source mainly for the elderly, disabled, widows, poor, and orphans.

Over time, the average life expectancy of humans has increased and with that our greater need for financial stability in our later years. Faced with the increasing population age, Countries turned their focus to pension requirements with trends initiating in Germany, Ireland and the UK. The start of modern day state pension in the UK took place in 1908, when old age pension act of 1908 was introduced.

You may be surprised to know that the first pension plan gave 5 shillings per week to people who were over the age of 70 and their annual means if income did not exceed £31.50 in the UK.

There are various kinds of pensions these days, especially if you are salaried, you have an employment based pension. These are also called the retirement plans. These retirement plans are typically designed to secure a regular cash flow or a lump sum amount that a salaried individual can receive when he/she is not working anymore.

The Following are links to pension calculators that are developed by iCalculator for estimating a pension value in different scenarios:

We have your best interest in mind, so let's take a detailed look at the uses of all these calculators separately.

How and when to use the different calculators?

Employment based pension plans generally require both individuals and their employers to contribute some amount of money to the plan that can be reserved and saved up to be given as a steady cash flow after retirement. These plans are generally tax free. For our regular users, you will know that most of our global tax calculators have pension deductions built in so you can calculate the amount of deductions withheld from your salary and paid towards your pension investment.

The annuity is one of the best pension plans that there is, this plan turns your pension pot into a regular stream of cash flow that you start receiving upon maturity. The best thing is you get to choose the age you want to start receiving this income.

Note that annuities are not totally risk free. The contributions that you make during the plan are invested in the stock market, hence there are risks involved. However, if you opt for annuities, there are online tools like the Annuity Calculator that you can use to estimate the annual amount you will receive. You can access this calculator by clicking the following link:

The Annuity Calculator

The Individual Retirement Account (IRA) is one of the very good examples of retirement plans in the US. You can save up to a fixed threshold of the amount that is defined by the government to take advantage of this plan. There are online tools available to calculate the approximate amount that you will receive upon completion of payments or retirement. One of these tools is Traditional IRA Calculator that is developed for your convenience of calculation by iCalculator.

The calculator for calculating trading IRA can be accessed by clicking the following link.

The Traditional IRA calculator

Other than traditional pension plans, there are plans that offer the same kind of benefits but are made after tax has already been deducted before the contributions. The good thing here is, you will not be liable to pay any taxes upon receiving the lump sum amount at the time of maturity.

These kinds of plans are generally called ROTH IRAs, there are also tools to evaluate this type of pension plan before you decide to go for them. You can use the online calculator ROTH IRA Calculator to do the pension calculations for you. The link for the ROTH IRA calculator has been provided below:

The ROTH IRA calculator

It is also possible to compare both kinds of plans. If you are even a bit confused about the benefits, Using the free online pension comparison tool the Retirement Comparison Calculator could be really useful for you. All you have to do is gather the required data that you need to input into the calculator and you will have a chart of comparison for your consideration.

The retirement comparison calculator is accessible by the following link:

The Retirement Comparison Calculator