By turning your super balance in to an income, you'll receive your super balance in regular payments, which you can combine with your Government Age Pension if eligible, for more retirement income.
With our calculator, you can estimate your projected retirement income in just three simple steps.Start now
Select your estimated super balance at retirement
A retirement income account lets you decide how often and how much income you receive, and you can still withdraw extra from your account to pay for unexpected expenses.
Find out how a retirement income account can help you manage your super savings when you retire.
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These projections show illustrative examples of how an income from super can be combined with Government Age Pension benefits to increase the overall income available in retirement. The information resulting from the projections is general only and doesn’t take into account your personal objectives, situation or needs. The results should not be relied upon as a true representation of any actual superannuation entitlements or benefits from any particular scheme superannuation product or relied on as a basis upon which to alter your financial situation without advice from a professional. You should assess your own financial situation and consult a financial adviser before you make any changes to your financial affairs.
They have been based on current laws and their interpretation as at 1 January 2019, and are provided in good faith using the stated assumptions
The projections have been prepared assuming investment in AustralianSuper’s retirement income product and on various underlying assumptions listed below.
Results are shown in 5 year age bands and show the average amount of Age Pension and the average amount of drawdown from a retirement income account over each 5 year period for the selected income frequency.
Results are expressed in today’s dollars by allowing for future expected wage inflation of 3.5% pa. CPI growth is assumed to be 2.5% pa, and future investment returns (After investment fees and tax) on the balance is assumed to be 3.5% pa in excess of CPI. Tax on investment earnings is assumed to be nil.
Administration fees of $2.25 per week are assumed to be deducted, increasing annually with future expected wage inflation of 3.5%, and an asset fee of 0.11% of the account balance (which is capped at $750pa).
The Age Pension estimates assume eligibility for the Age Pension from retirement at age 67, as well as the following assumptions:
•Payment rates, asset/income test thresholds and deeming rates as at 1 January 2019
•No assets or income outside of the retirement balance selected
•Current legislated rules for future increases (assumed wage inflation)
•Relationship status (single/couple) as selected by the user
•Housing status (Homeowner/Renter) as selected by the user
•Retirement balance taken as the midpoint of the selected balance range, with the exception of the $500k+ band which assumed a balance of $625k
We have not considered any other Centrelink benefits apart from the Age Pension. Contact Centrelink to confirm your eligibility for the Age Pension as the projections are examples only and have not considered your personal situation.