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Take home pay calculator

Discussion in 'Retirement' started by diddydave, May 9, 2019.

  1. diddydave

    diddydave Occasional commenter

    Quite a few threads and colleagues have considered what they need to 'survive' without the regular salary and one of the calculations I did was to look at what I actually took home because there are several deductions that don't play as large a part once you start drawing your pension - no National Insurance, no Pension Contributions and quite often a lower tax, certainly as a proportion.

    For instance on a salary of £40,000 the take home is only £26,895
    If you had a pension of £30,000 you'd have a take home figure of £26,500...

    On the face of it the drop of £10,000 seems enormous but it results in only £395 less per year because you are not paying a) National Insurance and b) Pension contributions.

    My calculator, should you want to have a play with your own numbers is here: https://docs.google.com/spreadsheets/d/1jl0dw1-VpYpYC4NFGYt7HAd1UKcvvmy_YporqeeOk0A/edit?usp=sharing
     
  2. richest1

    richest1 Occasional commenter

    Nice work there thanks.
     
  3. Brianthedog

    Brianthedog Occasional commenter

    There's a pay calculator on the moneysavingexpert website that does this for you too.
     
  4. diddydave

    diddydave Occasional commenter

    Thanks, I wasn't aware that it did the teacher's pension contribution figures.
     

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