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Retirement needs calculator

Income planning made easy

This calculator provides a prediction based on the most common lifestyle factors affecting the income you need for retirement in Australia. If you’re unsure about your future costs it’s wise to over-estimate your potential expenses, that way you have a bit of a buffer in case things don’t quite go to plan. 

If you are looking for a super projection calculator click the link below.

Super projection calculator

Retirement needs
Step 1. My Details
Step 2. My Budget
Step 3. My Plans
Step 4. My Needs

My information

Age needs to be between 14 and 85.
or

What do you think you will need in retirement?

Select your weekly expenses. Choose Modest or Comfortable.

  • Housing XXX
    Housing
    Housing
  • Energy XXX
    Housing
    Housing
  • Food XXX
    Housing
    Housing
  • Clothing XXX
    Housing
    Housing
  • Household goods XXX
    Housing
    Housing
  • Health XXX
    Housing
    Housing
  • Transport XXX
    Housing
    Housing
  • Leisure XXX
    Housing
    Housing
  • Communications XXX
    Housing
    Housing
Total
$42,191
($422 per week)
per year

My retirement needs

Annual retirement income $42,191
For 13 years
And a lump sum at retirement of $0
Estimated retirement balance needed $569,701

Purpose and assumptions

This calculator generates information illustrating how much money you could need in retirement and how this could be influenced by salary sacrifice or voluntary contributions. This is based on certain assumptions. Those assumptions can be found here.

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.

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.

Assumptions

ASFA Assumptions

The figures provided are current as at the March quarter 2019 and are based on the ASFA Retirement Standard. The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years. It is updated annually to reflect inflation and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.

The figures assume that the retiree(s) own their own home outright and are relatively healthy.

The difference between the comfortable and modest retirement lifestyle budgets mainly relates to the extra items included in the comfortable budget. These include items such as being able to update the kitchen or bathroom at some stage, some wine, eating out from time to time, being able to entertain family or friends at home, private health insurance at the top rate, purchasing magazines and CDs, an economy overseas holiday and being able to afford additional alcohol or purchase tobacco or make gifts.

Other Assumptions

  • All amounts are in today’s dollars and are adjusted for an assumed annual inflation rate of 2%. In addition, a further annual increase of 0.5% is included to take into account the cost of meeting increases in community living standards. This means a total assumed inflation rate of 2.5% is allowed for. You can adjust that rate above.
  • We assume that your super is invested in a balanced option. Investment returns can be adjusted above.
  • Life expectancy is based on The Australian Life Tables which are produced by the Australian Government Actuary
  • While ASFA updates their Modest and Comfortable living standard figures on a quarterly basis, in this calculator, figures are updated annually, with current figures from the "ASFA Retirement Standard March quarter 2019". This calculator has rounded up all figures to the nearest dollar.
  • "Single" calculations are based on female figures

Disclaimer

Purpose and Assumptions

This calculator generates information illustrating how much money you could need in retirement and how this could be influenced by salary sacrifice or voluntary contributions. This is based on certain assumptions.

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.

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.

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