Disclaimer and Privacy Collection Statement
About this calculator
This calculator will show you how much income your super could give you when you retire and how you could change this amount. All results are shown in today’s dollars.
The results are just estimates based on the information you provide and certain assumptions, so they’re not guaranteed. Your actual retirement income may be very different from your estimate as it will depend on many things not covered by this calculator, such as:
- other income and assets you may have (including other super accounts)
- future investment returns
- changes to super or tax laws, and
- changes to your insurance or salary
- the rate of future contributions made by you and your employer
This means you shouldn’t make any changes to your finances based solely on this calculator, but you should assess your situation and consider getting professional financial advice first.
As this calculator was developed to support the retirement income projections some AustralianSuper members received on their 2017 annual statement, it uses the same default assumptions set by the regulator for those calculations. You can change some of these assumptions by clicking on the ‘Adjust your situation button’
If you’re using your annual statement to populate the fields in the calculator, the period covered should be for the full year to 30 June 2017.
This calculator is provided by AustralianSuper Pty Ltd ABN 94 006 457 987, ASFL 233788, the Trustee of AustralianSuper ABN 65 714 394 898. It has been based on current laws and their interpretation as at 1 July 2017.
Read our privacy collection statement to understand how we handle any personal information you provide while using this calculator.
Detailed Assumptions and Projection Calculations
About your results
Results are shown in today’s dollars and include your estimated income from super. Any income you may be entitled to from the Age Pension has been ignored.
They’ve been calculated using the information you entered and the following assumptions:
- your wages will increase at the same rate as inflation
- investment earnings of 3% pre-retirement, 2% post retirement (or the percentage you entered in “Adjust your situation – Advanced settings”) above inflation
- your current level of employer super contributions (currently 9.5%), , will continue until retirement and will increase annually with inflation. This may be changed in “Adjust your situation – Explore and edit your assumptions”
- you make no extra contributions to your super (but can be allowed for in “Adjust your situation – Explore and edit your assumptions”)
- you will retire at age 67 (or the age you entered in “Adjust your situation – Explore and edit your assumptions”)
- you want your super to last for 25 years (or the period you entered in “Adjust your situation – Explore and edit your assumptions”)
- current super and tax laws stay the same
- you don’t have any other super or assets other than the super balance you have entered into this calculator
- you’ve given your fund your tax file number
- insurance premiums ($300 pa) and fees paid as a dollar amount ($78 pa) are used unless you change these in “Adjust your situation – Advanced settings”. These increase annually with inflation
- percentage based fees remain fixed for the projection period. This may be changed in “Adjust your situation – Advanced settings”
Your actual retirement income could be very different from your estimate if any of these things change between now and when you retire.
Your age is assumed to be what you entered at step 1. This means your results from this calculator may be slightly different to any retirement income estimate you received on your annual statement, which was based on your full date of birth.
You should consider your debt levels before adding to your super. You should also check that any contributions you intend to make are within the allowable caps for before-tax and after-tax contributions.
All benefits are assumed to come from a taxed fund. Like AustralianSuper, most super funds are taxed funds, which means they pay tax on contributions and earnings in line with the standard super tax laws. However, some funds, such as unfunded government super schemes, are untaxed funds. Benefits paid to a member from an untaxed fund are generally taxed at a higher rate than benefits from a taxed fund.
Results do not include your estimated income from the age pension.
The calculation does not consider any other Centrelink entitlements.