Super and Retirement
Introduction

Our 'Super and Retirement calculator' helps you to determine what your targeted superannuation savings needs to be (in today's dollars) to support a certain level of continuing income in retirement, and whether your current balance and contributions are on track to meet this target.

It will allow you to include your partner’s details as well as the CentreLink Age Pension.

You are also able to adjust your personal contribution amount and your expected investment return to see what impact this might have on reaching your target.

This calculator generates factual information about superannuation. It does not constitute a recommendation or statement of opinion about superannuation and is not intended to be relied upon for the purpose of making a decision in relation to a financial product. We suggest you consider seeking advice from a financial services licensee or your Financial Planner before making any financial decision. The calculator only considers a limited range of issues and does not consider all of your personal circumstances.

Assumptions and Disclaimer
Default assumptions
Close
Retirement age
 
Self
Partner
Retirement age
Life expectancy
Investments
 
Before retirment
In retirement
Rate of return (net)
 %
 %
Deductions for accumulation phase
Insurance premium pw
$
 
Fees pw
$
 
Management fee
 
%
Deductions for retirement phase
Fees pw
$
 
Management fee
 
%
Assets outside of super assumptions
Inflation assumptions
Salary inflation rate
 
%
Rate of inflation (CPI)
 
%
AWOTE rate
 
%
Deflator pre retirement
%
Deflator post retirement
%
Age pension inflation
%
 
 
 
 
 
 
Assets
Growth rate
Income rate
Financial investment
 
%
%
Personal
 
%
%
Other
 
%
%
Close
Disclaimer
  1. The 'Super and retirement' calculator is general information only.
  2. The results presented in the calculators are a guide only and do not constitute a quote or guarantee that you will have a surplus or a deficit. Any person intending to act or rely on the results of the calculator should seek independent advice before acting on it. We would recommend that you consult with your financial planner before making any decision.
  3. The assumptions utilised by this calculator we believe are reasonable. However to the extent permitted by law, we disclaim all liability to any person in respect of anything done or omitted to be done, and the consequences of such action or omission, by any such person in reliance upon the results obtained using this calculator.
  4. Advice provided under this calculator has not taken into account your personal objectives, financial situation or needs. Accordingly you should consider those objectives, financial situation and needs before acting on the advice.
General assumptions and limitations
1.The calculations are a general illustration of an accumulation account that converts to an account-based pension at the nominated retirement age.
2.The default price inflation rate/consumer price index (CPI) used is 2.5%. This rate has been based on historical and expected future rates and is the mid-point of the RBA target range for inflation. The actual rate of price inflation may differ significantly from this assumption.
3.The default salary inflation rate is based on the default Consumer Price Inflation rate plus 1.25% pa. Historic analysis indicates a long term difference between price and salary inflation of approximately 1.25% pa. Accordingly, the default salary inflation assumption is 3.75% pa (calculation: 2.5%pa CPI plus 1.25% pa). The actual rate of salary inflation may differ significantly from this assumption. You may change the default rate to see the effect that this may have.
4.No allowance has been made for taxes (including tax on retirement income) with the exception of tax within the super fund. If any other taxes apply, the calculator's results will be incorrect and will not apply to you.
5.It is assumed that income is paid continuously.
6.This calculator is not suitable for members of defined benefit funds. If you are a member of a defined benefit fund you should contact a financial adviser for projection calculations.
7.Interest on your super plan account balance is calculated and credited at 1 July each year.
8.The calculator assumes that the date set on your computer is correct. Projections are started from this date, and your age is also assumed to be at this date.
9.You are fully retired at nominated retirement age. There is no allowance for transitioning to retirement. No allowance has been made for changes in regular contributions during the super projection phase of the calculator.
10.The 'Comfortable lifestyle' and 'Modest lifestyle' benefits are based on a survey by ASFA Retirement Standard (March 2019) stating that the total annual income needed to fund a comfortable retirement is $423,255 pa (single) and $61,061 pa (couple) and a modest retirement is $27,646 pa (single) and $39,848 pa (couple).
11.The results displayed by this calculator are in today's dollars, not in future dollars.
12.The calculated life expectancy is based on Australian Life Tables for years 2010-12.
13.Retirement age must be at least 2 years greater than your current age, allowing for at least 1 financial year of projections.
Assumptions for the accumulation phase of the projections
1.Gross salary is increased with a default salary inflation rate.
2.Employer (concessional) contributions are assumed to be not less than the minimum amount to which you are entitled under Superannuation Guarantee legislation and are subject to 15% contributions tax. No allowance has been made for the maximum superannuation contribution base ($55,270 per quarter for the 2019/20 financial year).
3.Salary sacrifice and other employer concessional contributions are limited to 100% of gross salary for superannuation purposes, whereas after tax (non-concessional) contributions are only limited by the contributions cap.
4.Investment earnings (net of tax) are credited to your account balance at the nominated investment return. The default rate is 6% pa for the accumulation phase. This is based on an actuarial recommendation for a balanced investment taking into consideration comparisons from government, retail and industry funds. You may specify a different rate of investment return (in 'Default settings'). The actual rate of return for your investments may differ significantly from this assumption.
5.A default amount of $0.962 per week ($50 per year) plus 0.60% management cost for 'Fees deducted'. This is based on the default values used in Australian Securities and Investment Commission Superannuation calculator at July 2019. You may change the default amounts to see the effect that this may have. The actual fees deducted from your investment may differ significantly from these assumptions. These default rates are the average fees from our range of products.
6.A default amount of $1.92 per week ($100 per year) is provided for 'Insurance premiums deducted' as this is the default values used in Australian Securities and Investment Commission Superannuation calculator at July 2019. You may change the default amount to see the effect that this may have. The actual insurance premiums deducted and the impact on your investment may differ significantly from this assumption. Insurance premiums vary significantly between individuals and it is recommended you enter an amount that is currently being deducted from your account. It is assumed that the insurance premium will increase each year with CPI.
7.The required income in retirement is indexed with inflation.
8.Government co-contribution has been included in the calculation. This has been based on the gross salary and after tax contributions that have been entered into the calculator.
9.The super co-contribution lower income limit for the purposes of the projection is increased with a default salary inflation rate. The actual rate of inflation may differ significantly from this assumption. You may change the default rate to see the effect that this may have.
10.An allowance for the low income superannuation tax offset (LISTO) has been included in this calculator. The LISTO salary threshold is indexed with a default salary inflation rate. The actual rate of inflation may differ significantly from this assumption. You may change the default rate to see the effect that this may have.
11.Concessional (pre-tax and Superannuation Guarantee) contributions are capped at a maximum of $25,000 and indexed (increments of $2,500). After-tax contributions are capped at a maximum of four times the concessional contributions limit (currently $25,000) in the projection of the account balance.
12.No allowance has been made for the bring-forward provision for people under 65 years old. Find out more here.
13.No allowance has been made for Government benefits or other income sources prior to retirement with the exception of the Government super co-contribution. If any of these other income sources apply before retirement, the calculator's results will not give a true reflection of the longevity of your own resources in retirement.
14.No allowance has been made for spouse contributions.
Assumptions for the retirement phase of the projections
1.Investment earnings (net of tax) in the retirement phase are credited to your pension account balance at the nominated investment return. The default rate is 6.75% pa for the accumulation phase. This is based on an actuarial recommendation for a balanced investment taking into consideration comparisons from government, retail and industry funds. You may specify a rate of investment return different from the default rate. The actual rate of return for your investments may differ significantly from this assumption.
2.A default amount of $0.962 per week ($50 per year) plus 0.50% management cost for 'Fees deducted'. This is based on the fees used in the accumulation phase as it is assumed your super will remain in the same fund whilst in retirement. You may change the default amounts to see the effect that this may have. The actual fees deducted from your account may differ significantly from these assumptions.
3.These calculations make no allowance for the effect of an account-based pension continuing to a surviving spouse on the death of the member.
4.The minimum pension factors table is current as at 1 July 2019.
5.These calculations make no allowance for any entry fees, service fees, administration fees or switching fees deducted from your pension account.
6.These calculations make no allowance for any income payment fees deducted from your account-based pension account.
7.CentreLink Age Pension rules have been applied to this calculator as at 1 July 2019.
8.The Age Pension will increase with CPI.
9.The Age Pension applies if the assets test and the income test applied to this calculator do not exceed the maximum thresholds.
10.If a partner is selected, the Age Pension entitlements are assessed as a couple.
11.The income test is based on all income derived from:
  a. Account-based income stream
  b. Partner's account-based income stream
  c. Income from personal and financial assets outside super
  d. Deemed income from financial investment assets.
12.Deemed income from financial investment assets is calculated using the current deeming rates rules. You can find further details about deeming rates here
13.The asset test is based on the following assets:
  a. Account-based income stream account balance
  b. Partner's account-based income stream account balance
  c. Personal assets (eg personal belongings)
  d. Financial investment assets (eg bank account, shares)
  e. Non-financial investment assets (eg rental property)
14.Non-superannuation investments are assumed to be invested more conservatively than superannuation/allocated pension assets, and allowing for personal assets to increase in value at the rate of price inflation. Based on this assumption and an actuarial recommendation, the following default rates are applied:
Asset type Growth rate Income rate
Financial investment assets (eg shares, bank account) 3.0% 3.0%
Personal assets (car, clothes etc) 0% 2.5%
Non-financial investment assets (eg rental property) 3.0% 3.0%
15.The income test and asset test thresholds are increased with CPI.
16.An allowance is made for Deductible Amount which has been calculated as the balance of the account-based income stream at retirement, divided by the life expectancy.
17.The required income in retirement (RIIR) is default to the 'Comfortable lifestyle' (ASFA Retirement Standard - March quarter 2019). The amount is made up of the following income (in order):
  a. minimum member allocated pension
  b. partner employment income (if the partner is not yet retired)
  c. partner minimum allocated pension (if the partner is retired)
  d. age pension (at single or couple rate as appropriate and for one individual or two if the partner is also retired) based on
     a. income test allowing for
        1) minimum allocated pensions (member as well as partner if appropriate)
        2) partner employment income
        3) deemed income on financial non-superannuation assets
        4) investment income on other non-superannuation assets
     b. assets test allowing for
        1) member allocated pension account balance
        2) partner allocated pension account balance (if retired)
        3) non-superannuation assets
  e. consumption (draw down) of non-superannuation assets
  f. allocated pension increased above the minimum (the increase being apportioned between member and partner, if there is one, based on account balance) with this potentially reducing the age pension (as the higher income might change the result of the income test).
Note that there is no provision for owner occupied housing to be "consumed" in retirement.
18.Should the income from these sources be less than the RIIR, then the deficit is obtained by proportionally increasing the pension from the account-based income stream and the pension from the partner's account-based income stream.

If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.