Hi, my name is Fin. I'm a financial assistant created by EValue.
What's your name?
John, it's great to meet you.
I see you're interested in income drawdown. I can help you with this by showing you how long your money could last in retirement.
You can then explore how much to withdraw from your savings each month, and how to invest your money so that it doesn't run out too soon.
I have 6 quick questions to ask you, then we can look at your results.
Please tell me your age to get us started.
Thanks. Are you male or female? This will help me estimate the age you might live until.
Let's move on to your money. How much do you have saved for retirement?
How is your money invested?
Medium risk investment
Thanks John. I'll show you how long your money could last in a [How invested]. You'll be able to explore the other options later if you want.
What income (before tax) do you plan to take each month?
Thanks. Here's the last question.
What would be the consequence of your money running out before you die?
Go back to work
Let's calculate a range of possible outcomes…
Thanks John. We're now ready to look at how long your money could last in retirement.
The most likely outcome is that your money will last until you are [midReturn].
However, if your investment performance is very poor, your money may only last until you are [lowReturn].
And if your investment performance is very good, your money may last until you are [highReturn].
Your life expectancy of [lifeExpectancy] is based on data from [gender]s that retired at [age].
As it is likely that your money will not last beyond your life expectancy, you'll probably [consequence statement] before you die.
If you're entitled to a State Pension you will continue to receive that income. Explore changing your investment strategy, or monthly income to see what happens to the results.
It is very likely that your money will last beyond your life expectancy. However, you can still explore changing your investment strategy or monthly income to see what happens to the results.
It's likely that your money will last beyond your life expectancy.
However, there is still a chance that it could run out and you'll [consequence statement] before you die.
If you're entitled to a State Pension you will continue to receive that income.
Explore changing your investment strategy, or monthly income.
Meet Fin, a digital financial assistant we've developed at EValue to answer difficult questions such as this!
This service offers you guidance on how long your money could last but it is not advice or a personal recommendation. We recommend that you seek personal, regulated financial advice to check that you're making the right decision for your circumstances and that you understand your options and the risks.
EValue is the UK's market leader in the provision of digital, personal finance advice products and services. These products combine expert actuarial knowledge, pioneering asset modelling and risk management. Primarily they are used in the UK by banks, product providers, advisers and employers to enable them and their customers/employees to understand and make complex, individual, personal financial decisions.
When your money is in cash, none of it is invested in shares. People with all their money in cash are not willing to expose their money to the rises and falls in value associated with shares. However, they also risk the potential long term gains that investing in shares provide and are more likely to run out of money more quickly.
Low risk investment
With a low risk investment, roughly a quarter of the your money is invested in shares. People with this type of investment are not comfortable with large rises and falls in the value of their money and accept that they are limiting their potential for investment growth.
Medium risk investment
With a medium risk investment, roughly a half of your money is invested in shares. People with this type of investment accept they are likely to experience considerable rises and falls in the value of their money in order to achieve potentially higher long term investment performance.
High risk investment
With a high risk investment, all of your money is invested in shares. People with this type of investment are prepared to experience substantial rises and falls in the value of their money in return for the prospect of the highest possible long term investment performance.
How the results are calculated
The results show the likelihood of different investment outcomes; we consider one thousand different scenarios of how your retirement savings might develop, based on the information which you have provided. Investment returns are never certain, markets can go up or down and interest rates and other economic conditions may change, our model considers all of these factors and more.
We have made no allowance for:
Tax-Free Cash that may have been accessed from your retirement savings
Future contributions you may make to your retirement savings
Lifetime allowance implications
Most likely outcome
We calculate 1,000 future scenarios in order to determine when your money is likely to run out.
Low age: 19 times out of 20 we would expect your money to last until at least this age.
'Most likely' age: 10 times out of 20 we would expect your money to last until at least this age.
High age: 1 time out of 20 we would expect your money to last until at least this age.
If you explore the different investment types, you will notice that higher risk investments produce a wider range of possible outcomes than lower risk investments.
Types of investment
The types of investment displayed within this tool use a range of assets to provide diversification appropriate to 3 levels of risk in addition to a cash/bank account option. The low risk investment is illustrated using mostly fixed interest and cash with a small element (up to about one third) in shares and property. The medium risk investment is illustrated using high proportion of shares and property compared to fixed interest and cash. The high risk investment is illustrated using shares in the UK, overseas and specialised areas.
We have offered the option for increasing your target income with inflation; this means that the purchasing power of your yearly withdrawal will remain the same over time. Inflation is based on the Retail Price Index (RPI).
When planning your retirement, it’s important to ensure that your money won’t run out. Based on the information you’ve given, we’ve projected your expected lifespan and collected the most statistically likely result. The ages shown are based on having a good standard of health and being a non smoker. If you have a health issue or smoke the age you can expect to live to will be lower than the ages shown. This is an EValue calculation based on Continuous Mortality Investigation data from the Institute and Faculty of Actuaries.
What is a Cookie ?
When someone visits our website we collect standard internet log information and details of visitor behaviour patterns. We do this to find out things such as the number of visitors to the various parts of our website. We collect this information in a way which does not identify anyone.
We use Google Analytics to help analyse use of our website. This analytical tool uses ‘cookies’, which are text files placed on your computer, to collect standard internet log information and visitor behaviour information in an anonymous form. The information generated by the cookie about your use of the website (including your IP address) is transmitted to Google. This information is then used to evaluate visitors' use of the website and to compile statistical reports on website activity.
We will not (and will not allow any third party) to use the statistical analytics tool to track or to collect any personally identifiable information of visitors to our site. We will not associate any data gathered from this site with any personally identifying information from any source as part of our use of the Google statistical analytics tool. Google will not associate your IP address with any other data held by Google. Neither we nor Google will link, or seek to link, an IP address with the identity of a computer user.
Cookies are also used for social media interactions on our website. There may be times when you may wish to use social media in order to make other people who use social networking sites aware of various information which may be contained on our website. The information on these social media cookies help keep a track of what information you have shared out on your chosen social media site.
Our site contains videos which promote our products, these videos are hosted on YouTube. YouTube places cookies on your computer in order to analyse which videos have been viewed by yourselves.
If we do want to collect personally identifiable information through our website, we will be upfront about this. We will make it clear when we collect personal information and will explain what we intend to do with it.
Contacting us about this Policy
If you have a query or complaint about our policy on cookies or about the site, please contact us.
“Data Protection Law” means the Data Protection Act 1998 until and including 24th May 2018, and with effect from 25th May 2018 the General Data Protection Regulation 2016 ((EU) 2016/679) and in each case any successor or delegated legislation and any national implementing laws, regulations and secondary legislation, as amended or updated from time to time, in the UK, including where applicable the guidance and codes of practice issued by the Information Commissioner, the Financial Conduct Authority, the Article 29 Working Party or relevant supervisory authority from time to time; and all applicable Law in any jurisdiction relating to the processing or protection of personal data and privacy, including where applicable, the guidance and codes of practice issued by the Information Commissioner, the Financial Conduct Authority, the Article 29 Working Party or relevant supervisory authority from time to time
We want you to feel secure when using the website and associated services. We are committed to respecting your privacy. This is an overview of the data we collect:
Personal data collected
IP address and the website you came from.
Includes your first name, last name, email address and postcode.
Uses navigation data and personal information to enable us to tailor the services provided to you.
We may need to share personal information with trusted third parties to enable us to provide the service to you. We may also need to share your personal data with the Financial Conduct Authority, the Information Commissioner's Office or other relevant regulator in order to demonstrate that we are complying with our regulatory requirements and Data Protection Law relating to the secure processing of your personal data. Navigation data is also shared with trusted third parties to enable us to improve the service to you.
How do we use your information?
We analyse information to see what is most effective about our website and associated services to help us identify ways to improve it and to make it more effective. We may also use information for other purposes, which we would describe to you at the point when we collect the information.
What Information do we collect when you use the EValue website?
When you use the EValue website, we use technology to collect information indirectly – such as your internet address. This is commonplace across all internet services to enable the investigation of issues such as malicious use. This information is then kept in our internet access logs.
We collect information directly from you in a number of ways. One way is by using cookies. Cookies are small files of information that save and retrieve information about your visit to our site, such as how you entered our site, how you navigated through the site and what information was of interest to you. This information is collected for a number of reasons, for example, to help develop the website and associated services.
We also collect information when you give it to us. It is completely up to you whether you provide it, but not providing information may affect our ability to provide services to you. We will use your personal data to answer your request, for example to answer your questions. In addition, personal data may be used for management information and research. We may disclose information to our group companies and service providers for these purposes.
Information gathered by us includes the user's IP address, the web page a tool is accessed from, and how many times it is accessed. In some cases, tracking is used to show user journeys through a tool. This information is the sole property of EValue and may be shared with trusted third parties for the purposes of improving our service to you. All EValue tools store the number of times a user has visited the tool. Some tools also store ‘state’ information so that when a user returns to a tool it is in the ‘state’ they left it.
How long do we hold your personal data?
We will hold your personal data, for as long as we are required to do so under applicable law.
We will disclose your information to, or disclose it, to other trusted third parties
We do not share your personal data with other organisations unless the law permits us to do so. We do not sell individuals' information. We will share it only with our authorised Data Processors (as defined under Data Protection Law), who must act at all times on our instructions as the Data Controller under the Data Protection Act 1998. We use a third party hosting provider, The Bunker Limited, in the UK to host our software and the personal data that is stored on the software.
We may give you access to your information
You are entitled to know whether we hold information about you and, if we do, to have access to that information and require it to be corrected if it is inaccurate.
You can do this by contacting Data Protection Officer, EValue Limited, Benyon House, Newbury Business Park, London Road, Newbury RG14 2PZ.
Your data is kept under secure conditions
We take appropriate steps to maintain the security of your data on our service. The open nature of the internet means that data may flow over networks without security measures and may be accessed and used by people other than those for whom the data is intended. Our intention is that this should not happen and we take measures to ensure that it does not. However, we cannot guarantee the security of any information transmitted via the internet and cannot be held responsible for any damages you, or others, may suffer as a result of the loss of confidentiality or such information.