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Income drawdown calculator has become popular with the growing demand for income drawdown plans. Income drawdown plans are schemes which can be considered as an alternative to annuity schemes. Income drawdown offers variable income to the investor. This income is based on minimum and maximum limit which is set by the GAD also known as Government Actuary Department. There are many financial aspects that need to be calculated; hence, using an income drawdown calculator is sensible in order to come up with accurate figures.
Two main functions of using income drawdown calculator:
* The first and foremost function of drawdown calculator is to compute the income withdrawal out of a given pension fund value.
* Compute the limits as per the available GAD table rules.
Fields that you may have to fill in while calculating your income drawdown
* While using income drawdown calculator one of the important fields that is available to be filled is ‘Gender’. Generally there will be two options available Male and Female you need to select from the provided options.
* You also need to mention your age based on the referenced date.
* The calculation of your income drawdown will be according to the present day rates. However, with some calculators there is an option for you to check your income drawdown based on previous dates but you cannot choose any date before 6th April 2006, as this concept was introduced on 6th April 2006.
* One of the important factors that you need to enter on this page is your pension’s fund value that you wish to use as the basis of your income drawdown.
* You may also be asked whether you wish to take any tax free lump sum from your pension money. You can choose to leave it unchanged to the default value of 25% or else input an amount as per your requirements. However, if you have already benefited from the tax free lump sum by taking some money from your pension fund then you need to uncheck this box. Also check that the value in the field is set to zero.
Calculating Government Actuaries Department using income drawdown
Income drawdown calculator can also help in computing GAD limits. In order to calculate GAD you need to enter some information in several fields.
* The first field again would be gender and status.
* You also need to enter your age into to relevant field on basis of the said date.
* Gilt Index Yield is another highly significant factor that is used to calculate the minimum and maximum approvable income precisely.
Apart from income drawdown calculators there are professional financial advisers who can help you not only to calculate. These are certified individuals who have links with the financial industry and get regular updates. These professional advisers can also recommend an appropriate scheme. However, if you wish to calculate income drawdown on your own then you may use online sources to help you achieve the outcome. There are websites that offer you the opportunity to compute income drawdown using income drawdown calculators.