Retirement balance projection

Disclaimer

Purpose and assumptions

This calculator projects how much super you're likely have when you retire and the income you may get from your super and Age Pension. It also demonstrates how things like your retirement age, fees and additional contributions to your super can make a difference to your balance at retirement. 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, relevant economic forecasts and analysis on wages, prices and productivity.

Limitations

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.

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

Accumulation Please enter a figure between 0% and 20%

Pension Please enter a figure between 0% and 20%

Inflation

Salary increase Please enter a figure between 0% and 10%

Accumulation Inflation Please enter a figure between 0% and 10%

Pension Inflation Please enter a figure between 0% and 10%

Fees

Asset fee Please enter a figure between 0% and 5%

Admin fee (per year) Please enter a figure between $0; and $1,000;

Advisor service fee Please enter a figure between 0% and 5%

Insurance premiums (per year) Please enter a figure between $0; and $1,000;

Fixed assumptions

The outcome relies on the following fixed assumptions and settings which cannot be adjusted.

• 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, insurance premiums being charged annually and your investment returns being credited to your account annually
• We assume that your super is invested in a balanced option. Investment returns can be adjusted above.
• Superannuation Guarantee Contribution is currently 11% of ordinary time earnings and then increases to 12% as per current legislation
• The LISTO applies from 1 July 2017
• Contribution tax of 15% is assumed
• No contribution fee payable
• No tax is payable on fees
• We assume that insurance premiums are tax deductible within super
• We assume that you have provided your Tax File Number to your superannuation fund
• The projected amounts are shown in today's dollars (present value), which means they are adjusted for an assumed annual inflation rate of 4% between now and your retirement and 2.5% after you retire. You can adjust the inflation rates above to see the impact this will have on the results.
• We assume that you qualify for the Government co-contributions if you make after tax contributions and the total income used to determine if you qualify for any co-contributions is equal to your annual salary before tax and are below the income limit
• We assume that when you exceed the concessional contributions cap ($27,500 in 2023/24), you pay contributions tax according to your adjusted taxable income on any additional superannuation contributions
• This calculator does not consider eligibility for a downsizer superannuation contribution (a one-off post-tax contribution for over 55 year olds of up to $300,000 from the proceeds of selling their home)
• The Transfer Balance Cap is $1.9 million as at 1 July 2023. 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 income (shown in the chart) exceeding your target income.
• This calculator assumes your are eligible for the Age Pension if you qualify for the assets and income test according to Services Australia. You can choose to remove Age Pension from the results in the "Adjust your retirement settings" section.
• If you include your partner in this calculator, it is assumed that you are of similar age and will both be retiring at the same age.
• From 1 July 2025, an additional tax of 15% will apply to earnings if your total superannuation balance exceeds $3million.