Premium
The free result gives your funded ratio, the cost of locking your plan in and the first three rungs of its ladder. Premium shows the rest.
What Premium adds to the free result
Premium takes more than one pension and the holdings you enter, measures how much of what is left of your spending they already hedge, and prices the whole ladder, with the years past its end age.
- More than one pension or other income, each with its own start age and indexation, netted off your spending
- The holdings you enter, by hand or from a spreadsheet, and how much of what is left of your spending after your pensions they already hedge against a change in real rates and in prices
- The whole ladder that would fund your plan, beyond the first three rungs the free result shows: bond by bond for US and UK plans, year by year on New Zealand's own curve
- What has changed since your last visit on the same device
- The odds of living to your plan's end age, and what each year past it costs from more bonds or from a pool that pays only while you are alive
- Bonds or an annuity: the mix with the lowest total cost at five money's worths (the fair value of an annuity's payments over its price), for one person with spending and income in one currency
- Spending and savings in more than one currency, and what a 10% move in each currency does to your surplus
- Your plan after tax, at the tax rates you enter
See an example of three Premium tables
An example, not your plan: a single person aged 62, spending $70,000 a year after tax, with $1,800,000 saved, 60% in shares, 30% in a bond fund and 10% in an inflation-linked bond fund, and Social Security from 67, as the calculator estimates it, priced on the US TIPS curve of 6 Nov 2026.
What the holdings hedge
What the plan's spending costs today moves when real interest rates move, and the spending rises with prices. Hedged is how much of each move the holdings make in the same direction.
| Moves | Holdings | Spending | Hedged |
|---|---|---|---|
| Moves with real rates, per point | $47,000 | $79,000 | 60% |
| Rises with prices | −$130,000 | $845,000 | -15% |
| Moves with stocks | $968,000 | $0 |
On average the spending falls due in 9.3 years. Below zero, the holdings move the other way: on a jump in prices, shares tend to fall and ordinary bonds stay put while the spending rises. Each kind of holding carries one set of measures, not those of any one fund.
Living past 95
On the national life tables, the odds this person is still alive at 95 are 16%. The years after can be paid by more of the same bonds, or from a pool that pays a year only while the person is alive.
| Living to | More bonds | From a pool at a fair price |
|---|---|---|
| 100 | $86,000 | $8,000 |
No insurer sells at the fair price, so the pool's column is a bound, not a quote.
Bonds or an annuity
Each year can be paid by a bond that matures that year, or by an annuity bought today that pays while the person is alive. The money's worth is the fair value of an annuity's payments over its price.
| Money's worth | Annuity from | Bonds | Annuity | Total |
|---|---|---|---|---|
| 80% | 76 | $581,000 | $295,000 | $876,000 |
| 85% | 74 | $519,000 | $338,000 | $857,000 |
| 90% | 71 | $417,000 | $418,000 | $835,000 |
| 95% | 67 | $265,000 | $543,000 | $808,000 |
| Fair | 63 | $0 | $775,000 | $775,000 |
Bonds alone cost $1,005,000. Bonds and annuity are each to the nearest thousand, and the total is worked from those, so each row adds up. No insurer sells at the fair price, so that row is a bound, not a quote.
The odds and the money's worths are on the national life tables. The annuity priced rises with prices and stops at 95, because the years after are the pool's column in the first table; many on sale start at once, pay for life or pay a fixed amount. An annuity depends on its insurer and leaves nothing to heirs, while bonds not yet matured at death pass to heirs. The tables name no insurer, and neither is a suggestion to buy an annuity or a bond.
$129 a year, tax included. Cancel any time.
Sign in with Google to start. The address you sign in with is the one that gets access, and payment is taken by Stripe on the next page.
Stripe takes the payment as the seller and handles the tax. The service is provided by Turnbull Thomson Pte. Ltd., a company registered in Singapore.
Stripe receives your email address for the receipt. Your figures never go to Stripe. The terms cover cancelling and the 14-day refund on a first payment; what the site keeps is on the privacy page. The calculator stays free.