Your Super Guarantee
Is going up!
Pretty soon, the amount of super paid on top of our wages will go up, all the way to 12% by 2025. Guaranteed.
What will that mean for you in retirement?
- This calculator works for accumulation funds only. It will not work for defined benefit funds.
- This calculator does not allow self-employed people to project their retirement balance
- Outcome is based on your contributions being made annually, at the mid-year point, on your fees being deducted annually and your investment returns being credited to your account annually
- We assume that your super is invested in a balanced option
- Superannuation Guarantee Contribution is currently 9.5% and then increases to 12% as per current legislation
- The LISTO applies from 1 July 2017
- No tax is payable on fees
- We assume that you have provided your Tax File Number to your superannuation fund
- All amounts are in today's dollars which means they are adjusted for inflation
- We assume an annual inflation rate of 2%. In addition, a further annual increase of 1% is included to take into account the cost of meeting increases in community living standards. This means a total assumed inflation rate of 3% is allowed for. Employer and voluntary contributions, fees and the concessional contribution cap increase with inflation.
- We assume that you will satisfy the Work test at older ages and so are able to contribute
- We assume that when you exceed the concessional contributions cap ($25,000 in 2019/20), you pay contributions tax according to your adjusted taxable income on any additional superannuation contributions
- This calculator assumes the user retires at the preservation age of 67
- For a calculation of your retirement that works with variables outside of the listed assumptions, you can use our Retirement Balance Projector
Your retirement outcome will be affected by many things including the amount of contributions you make, fees, investment returns and regulatory changes. Some factors that may affect your retirement outcomes may not have been taken into account.
Outcome is based on your contributions being made annually, at the mid-year point, on your fees being deducted annually and your investment returns being credited to your account annually.
This is a Model, not a Prediction
The tool is not intended to be relied upon for the purposes of making a financial decision. Consider a fund’s PDS and your objectives, financial situation and needs, which are not accounted for in this information before making an investment decision. You are responsible for your own investment decisions and should obtain specific, individual advice from a financial services licensee before making any financial decisions.
Your super guarantee - the amount of super paid into your super account by your employer - will go up in increments over the next few years, to 12% by 2025. This is government legislation, so you don't need to lift a finger to see your balance grow.
See www.industrysuper.com/assumptions for more details about modelling calculations and assumptions. Consider a fund’s Product Disclosure Statement (PDS) and your personal financial situation, needs or objectives, which are not accounted for in this information, before making an investment decision. Projection by ISA modelling based on a 30 year old with an income of $86,000.