If you’re a DIY investor, or someone who isn’t partial to taking financial advice, you should at least test an online retirement calculator to check if your savings are on track. Most of the big insurers have these calculators, but some are more useful than others.

Online retirement calculators are designed to help you work out whether your current retirement savings — including what you save in an employer-sponsored fund and on your own in a retirement annuity or preservation fund — will last the number of years you expect to live in retirement, or to calculate how much money you need to save to get your desired monthly income in retirement.

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