The company says that the Retirement LifePlanning calculator is designed to provide a "quick and easy" view of what retirement income could be to help plan for the future.

Developed with Financial Planning tools specialist Voyant, the Retirement LifePlanning calculator can model a client's retirement income now and in the future to highlight some key aspects of Financial Planning, says AXA Wealth.

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Advisers can use the calculator with their clients to:
• show how essential and discretionary income needs can be met by blending guaranteed solutions with drawdown income
• show the likelihood of the target income being achieved and maintained throughout retirement
• see the effect of changing key variables, including the target income, levels of pension saving, amount committed to a guarantee and the period of retirement.

David Thompson, managing director of business development and proposition, AXA Wealth, said: "Retirement should be about doing more of the things that you want, things that you haven't necessarily had time to do while you've been working.

"But in order to do that, you will need to know that the essentials are covered, how much additional income you will have on top and even when your savings will run out. Advisers can use our new Retirement LifePlanning calculator to show their clients exactly that. It's quick and easy to use and provides an overview of what client's retirement income could be."

For more information advisers can visit http://axawealth.co.uk/adviser/retirement-lifeplanning/calculator/