Retirement Calculator FAQs
Get answers to our most frequently asked questions about the Retirement Calculator.
Why have we developed a Retirement Calculator?
What is the Retirement Calculator?
How accurate is the calculator?
How long will it take to complete the calculator?
What information will I need to use the calculator?
What will you do with the information that I enter into the calculator?
Will the calculator save my information?
Why do I need to save my details?
Should I enter just my details, or include my partner's as well?
What age can I retire?
How much income am I likely to need when I retire?
I've lost track of my pension information - how can I track this down?
How do I find out what my current house value is?
What if I need help with the calculator?
I've forgotten my password, how can I get back into the calculator?
Why won't the calculator load up?
What happens when I call Prudential to discuss my results?
How can I find a financial adviser to speak to?
Why have we developed a Retirement Calculator?
Chances are, you are going to enjoy a longer retirement than generations before you. Life expectancy in the UK has risen and your retirement could last for 20 years or more. This gives you the opportunity to discover new horizons but it also means it's even more important to see what you can do to make a difference to your retirement income - no matter what stage of the retirement journey you are at.
The Retirement Calculator is designed to help you find out how well you are providing for retirement, and the options you could explore to boost your income. We hope you find it useful and that it enables you to realise the potential for a better retirement.
What is the Retirement Calculator?
The Retirement Calculator is a guide to help you to discover what retirement income you could have, whether there's a gap between this figure and the income you'd like, and what action you could take to help meet any shortfall. Even if you're nearing retirement or already retired, you may be pleasantly surprised by your potential to make a difference.
How accurate is the calculator?
The Retirement Calculator is designed to give you an idea of where you stand at retirement and should not be considered as advice. The more accurate the details you input, the more realistic your results will be however, you should only use them as a guide. You should talk to us or a financial adviser before making any decisions. Note there may be a charge for financial advice.
How long will it take to complete the calculator?
To make the most of the calculator you should take the time to put in the details that realistically reflect your position. This may take about 20 minutes once you have the details of your income and outgoings and any pensions, property and savings and investments. We've put together a checklist of information you'll need. Remember the more accurate the information you enter, the more realistic your results will be.
To try out the calculator - providing estimates of your pensions, savings and so on - will take about five minutes.
What information will I need to use the calculator?
To produce the most realistic results, you'll need to enter the information that reflects your position. It will help to have details about your income, outgoings, pensions, property, savings and investments before you get started. We've put together a checklist of information you'll need. There's also help text throughout the calculator that will prompt you on what's required.
If you want to get started but don't have everything on the checklist, don't worry - one of the calculator's features is that, once you've saved your details, you can log back in and revise your information any time.
What will you do with the information that I enter into the calculator?
We may use your data for financial analysis so we can develop better products and services for our customers. You will not be sent any communications unless you have selected to do so, either on this calculator or at an earlier date.
Will the calculator save my information?
The calculator will save the details you enter as you go through the different screens. Then once you've input all your information you will be prompted to 'save your details'. This form will only take a couple of minutes to complete and will allow you to log back in at any time to update your information. If you want to exit the calculator before you are prompted to save your details, you must advance to the save your details screen and fill out these fields for your information to be saved.
If you are logging in to revise your information, ensure that you click on the save button before you exit the calculator.
Why do I need to save my details?
By saving your details you'll be able to see if there's a shortfall between your estimated retirement income and the income you'd like. You'll then be able to try out ways of boosting your retirement income and get information on how to achieve that.
Saving your information will also generate 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.
You'll also be able to log back into the calculator at any time to update your information, 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.
Should I enter just my details, or include my partner's as well?
This estimate is for you, not you and your partner. Your partner will need to complete the calculator separately.
So for any joint expenses, please enter the amount you are normally responsible for.
For any bank and building society accounts, stocks and shares, unit trusts and so on which are jointly owned, please enter only the value of your share, for example 50% if equally owned with your partner.
For properties that are jointly owned, please decide whether to enter the property value for yourself, or whether your partner should use it when completing the calculator. You should not divide the figure between you.
What age can I retire?
The state retirement age is currently 65 for men and 60 for women however, for women this age has been gradually rising since 2010 and will continue to rise to 65 until December 2018. The state retirement age will rise to 66 for both men and women by April 2020. Company and personal pension schemes usually allow you to take benefits from age 55. But bear in mind that the earlier you retire the less time your fund will have to grow and the longer it will need to last.
How much income am I likely to need when I retire?
You should consider how your spending patterns might change in retirement. Make sure you consider your transport expenses, health and insurance, family, travel plans, day-to-day living costs, and any outstanding mortgage. As an example, you might base your calculations on two thirds of your working income. You can read more about the different retirement costs to consider within the Retirement Calculator user guide.
I've lost track of my pension information - how can I track this down?
If you don't have a current statement, your employer, scheme trustee or pension fund provider will be able to tell you the current value. If you've lost track of your pension, you can use Direct Gov. If you have a Prudential Pension, call us on 0845 609 0243. Lines are open Monday to Friday 9am to 6pm.
How do I find out what my current house value is?
The following websites may be able to help you with this:
www.upmystreet.com
www.ourproperty.co.uk
www.houseprices.co.uk
What if I need help with the calculator?
You can access the Retirement Calculator user guide and these FAQs at any time, to help resolve any basic issues. You'll also find help text throughout the calculator to assist you. If you need support to complete the calculator or would like to discuss any details, please call us on 0845 609 0243. Lines are open Monday to Friday 9am to 6pm.
I've forgotten my password, how can I get back into the calculator?
If you've forgotten your password, go to the log-in screen and click on the forgotten password link. A new password will be sent to you by email. You should then log in using this password and then go to the 'Your Profile' section (using the link at the top right of the page) to change it to a password of your choice.
Why won't the calculator load up?
To use the calculator you'll need to have Adobe Flash Player version 9 or above installed on your computer. If you haven't got this you should get an automatic message asking you to download the software. Alternatively you can download it from www.adobe.com by clicking on the Get Adobe Flash player box and following the instructions on the screen.
What happens when I call Prudential to discuss my results?
Our retirement consultants can answer any questions you have about your retirement plans or the Retirement Calculator. They can also help you find financial advice if this is right for you. If you are interested in one of our products they will explain how these work, but you will be under no obligation to buy.
How can I find a financial adviser to speak to?
Financial advisers advise and sell products from a range of insurance and investment companies. There may be a charge for this advice and charges may vary. You can find an adviser online, or call us on 0845 609 0243 and we'll put you in touch with an adviser. Lines are open Monday to Friday 9am to 6pm.
