How the calculator works
Whatever your hopes for the future, the first step to planning your retirement is to get an idea of how much money you'll need.
Our Retirement Calculator uses a set of financial assumptions to help you compare your needs against what your current pensions, property, and savings and investments might provide. If you find that your estimated retirement income is not what you'd like it to be, you can try out ways of boosting your income. By changing the amount you regularly put into your savings, increasing your pension contributions or using the equity you may have accumulated in property, you'll immediately be able to see what a difference this could make.
Use the calculator to:
- Work out how much you're likely to have in retirement.
- See if there's a gap from what you may need.
- Try out ways of boosting your income.
- Save your details, and update them any time.
- Get information on how to take action.
- Print a report showing your details and options.
Get started
What's next?
Once you've input all your information into the calculator, you'll be prompted to save your details. This will allow you to log back in at any time to change your information, such as at your next pay rise. You'll also be able to modify your personal details and update your preferences, for instance you might opt to receive regular email updates from us to help with your retirement planning.
When you finish the calculator you'll get a report of everything you've entered and the options available to you, which you can print or just save online for reference. You may find it useful as a basis for discussions with us or a financial adviser, or family and friends.
How long will it take?
To make the most of the calculator you should take the time to enter the details that realistically reflect your position. This may take about 20 minutes, and we've put together a checklist to help you gather the information you'll need.
To try out the calculator - providing estimates of your pensions, savings and so on, you can complete it in about five minutes.
What if I need help?
We've provided explanations and tips throughout the calculator to help you. You can also access this guide at any time and refer to our frequently asked questions.
If you'd like to talk about your plan with us and find out more about what we have to offer, you can call us on 0845 609 0243. Lines are open Monday to Friday 9am to 6pm. You can also read about the different retirement products that we offer, including our pensions and annuities, investments and insurance and protection plans.
Whilst you should not consider the information provided in the calculator or report as advice, you could use your results as the starting point for turning your plan into reality - you may be surprised at the number of options you have.
