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Age pension and your super
See how your super and age pension can work together. This calculator assumes you are about to retire or have already retired.
Couple riding a bike.
Please enter an age between 67 and 85. This calculator looks at how super and the Age Pension could work together. If you are younger and still working, you might like to use our super calculator which is for working people, but still shows how pension and super work together once you are retired.
Do you expect to receive any income in retirement other than super and pension? tooltip
Please enter an annual income between $0 and $999,999
Please enter an age you expect to stop earning work income.
Please enter an annual income between $0 and $999,999
Include partner?
Does your partner expect to receive any income in retirement other than super and pension? tooltip
Age pension and your super
See how your super and age pension can work together.This calculator assumes you are about to retire or have already retired.
Please enter an investment asset value between $1 and $10,000,000
Please enter an investment asset value between $1 and $10,000,000
Do you own your principal home? tooltip
Age pension and your super
See how your super and age pension can work together.This calculator assumes you are about to retire or have already retired.
What are your total living expenses in retirement? Please enter an annual income between $1 and $999,999
Age pension and your super
See how your super and age pension can work together.This calculator assumes you are about to retire or have already retired.
Your projected yearly combined living expenses in retirement are XXX,XXX tooltip and your super will last until you are XX years old.
Income breakdown chart
Future yearly income comparison
Current (at age 62)
Future (at age 72)
Your super drawdown
$4,925
$5,799
Your partner's super drawdown
$76,000
$90,079
Your work/investment income
$100,270
$100,270
Age pension
$0
$0
Total
$216,381
$231,334
tooltip The Age Pension is means tested, therefore the pension amount will change each year as your super balance and other assets change.
Income breakdown
The Age Pension is means tested, therefore the pension amount will change each year as your super balance and other assets change.

Disclaimer

Purpose and assumptions

This calculator assumes you are about to retire or have already retired. It demonstrates how the age pension can work in conjunction with your super drawdown and any other income that you earn. This is based on certain assumptions.

The assumptions used in this calculator are, in our opinion, reasonable for the purposes of working out the estimates. The assumptions are based on objective evidence on long-term net returns, fees and relevant economic forecasts.

Limitations

Your retirement outcome will be affected by many things including taxation laws, 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 fees being deducted annually and your investment returns being credited to your account annually.

With the exception of fixed statutory assumptions, you can alter default assumptions to the extent that they can be reasonably expected to change. It should be noted that any change to the assumptions will apply for the whole of the calculation period. Any changes made to the default assumptions is likely to impact the final results. Over time small changes can have a significant impact on final results.

While we have made every effort to ensure these assumptions are reasonable, you should review them to match their own expectations/circumstances and not take them as the most appropriate assumption in all cases.

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.

Variable assumptions

The projected outcome uses the following assumptions and settings. These can be adjusted to suit your own situation. If you have included your partner, these assumptions and settings apply to both of you.

Investment returns
tooltip Please enter a figure between 0% and 20%
Inflation
Please enter a figure between 0% and 10%
Fees
Please enter a figure between 0% and 5%
Please enter a figure between $0; and $1,000;
tooltip Please enter a figure between 0% and 5%
Please enter a figure between $0; and $1,000

Fixed assumptions

The outcome relies on the following fixed assumptions and settings:

  • We assume that your super is invested in a balanced account based pension option. Investment returns can be adjusted above.
  • We assume that your income from work or investments remains steady throughout the forecast period.
  • The projected amounts are shown in today's dollars (present value), which means they are adjusted for an assumed annual inflation rate of 2.5% after you retire. You can adjust the inflation rate above to see the impact this will have on the results.
  • The Transfer Balance Cap is $1.9 million as at 1 July 2024. This is the maximum amount that can be transferred into your pension/retirement account. Any balance in excess of this cap is assumed to be retained in an accumulation account. This calculator applies a super drawdown to the pension account only.
  • This calculator applies drawdowns on your super pension account based on minimum drawdown rules. In some instances, this may result in super drawdown (shown in the chart) exceeding your target expense budget.
  • This calculator assumes you are eligible for the Age Pension if you qualify for the assets and income test according to Services Australia.
  • If you include your partner in this calculator, it is assumed that you are of similar age and have both retired. We assess your Age Pension eligibility as a couple.
  • From 1 July 2025, an additional tax of 15% will apply to earnings if your total superannuation balance exceeds $3 million.
  • The ASFA Comfortable Retirement Standard is used as a guide to calculate living expenses in retirement.
Income breakdown chart

How is the age pension calculated?

Australia’s standard pension rate varies depending on whether you are single or a couple, your living arrangements, if your partner is working, and if you have other income or assets. If you are eligible Centrelink will calculate your payment based on these factors.

In fact, Centrelink does two calculations: once using the asset test and once using the income test. You then you receive the lower amount of the two.

What's your question?

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