The Invezz ISA calculator tells you how much you can expect to make in your retirement account, within your designated time frame. Read on to see how our ISA calculator works, and how it can help you transition smoothly into life after work.
How to use our ISA calculator
To use our ISA calculator, follow these steps:
- Enter in the amount you contribute every month to your ISA.
- If you plan to make a significant one-time contribution to your ISA plan, enter that in too.
- Enter in how much your ISA is currently worth.
- Enter in the interest rate you’re accruing with your savings.
- Enter in the number of years you want to use for your calculation.
- Click calculate to see your results.
How the ISA calculator works
Our ISA calculator takes into account all the relevant information about your ISA account, including the tax benefits, to figure out how much money you can save and help you plan for retirement. The calculator shows you how much you’re projected to make over a designated period of time, as well as the size of your projected gain as expressed as a percentage.
Why should I use it?
ISAs are a terrific option if you’re a UK resident thinking about how to save for retirement, because they provide special tax breaks that aren’t available with many other retirement savings plans. If you’re like many UK residents plowing much of your future nest egg into an ISA, then, it’s imperative that you be able to properly estimate how much you stand to have at the age at which you’re planning to retire. That’s what our ISA calculator can do for you.
What is an ISA?
An ISA is an Individual Savings Account and is a great way for UK residents to grow their savings over time. The principal benefit of an ISA is that you get tax-free interest payments on your money, meaning your capital will grow more over time than in a regular savings account. Currently the limit for how much you can put into an ISA is £20,000 per year, so it’s best to start as early as possible to build a comfortable retirement.