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Home / Plan your retirement / How much super do I need? / Super to income Reckoner

Super to income Reckoner

February 18, 2020 by SuperGuide Leave a Comment

Reading time: 1 minute

SuperGuide’s Super to income Reckoner can help you quickly and simply understand approximately how much retirement income your super savings might be able to generate.

The figures used in the reckoner have been sourced from the MoneySmart Retirement Planner, a powerful tool that we highly recommend you try for yourself. This reckoner is not intended to replace the calculator, but rather complement it by making it easier to quickly compare different scenarios.

The reckoner allows you to filter for the following factors:

  • How much you are likely to have saved in super
  • Whether you are single or a couple
  • The age you would like to retire
  • Whether or not you would be eligible to receive the Age Pension
  • Whether you anticipate a return on your savings of 2%, 3%, 4%, 5%, 6%, 7% or 8% per year (net of fees)
  • Whether you’d like your super to last until you’re 85, 90, 95 or 100.

Note: We do not consider it realistic to achieve returns of 7% or 8% per year net of all fees, particularly over such a long time period, but we have added these as points for comparison after requests from readers.

Discover the top performing pension funds and their long-term returns


Disclaimer

This reckoner is only intended as a guide to present approximate scenarios and should not be relied on to provide definitive figures on what your retirement income is likely to be. We highly recommend that you try the MoneySmart Retirement Planner for yourself but remember that it’s only a model and not a prediction.

To view a demonstration video of how to use the MoneySmart Retirement Planner, see SuperGuide article Video: How to use the MoneySmart Retirement Planner.


The tool then shows you approximately how much annual retirement income you would likely receive for each scenario. For example, if you are a couple seeking to retire at 65 with a super balance of approximately $1,250,000 (combined), are eligible for the Age Pension, are anticipating a return of 5% per year, and would like your super to last until you are aged 90, then you can expect an income of approximately $75,792 per year.

The Super to income Reckoner is similar to our Income from super Reckoner but works the opposite way.

To use the reckoner just click on the blue filter buttons, then select the boxes that you would like to filter on and click OK. The corresponding results will appear below. Repeat for each filter you would like to apply to further narrow down the results. We’ve also produced a short video to show you how the reckoner works which you can find below the table.

Super balance at retirement Single or couple Eligible for the Age Pension? Retire at Return on savings (% per year) Super lasts until Annual retirement income
wdt_ID Super balance at retirement Single or couple Eligible for the Age Pension? Retire at Return on savings (% per year) Super lasts until Annual retirement income
1 500000 Single Yes Age 60 2% After age 85 34,559
2 750000 Single Yes Age 60 2% After age 85 40,564
3 1000000 Single Yes Age 60 2% After age 85 45,539
4 1250000 Single Yes Age 60 2% After age 85 51,078
5 1600000 Single Yes Age 60 2% After age 85 59,946
6 2000000 Single Yes Age 60 2% After age 85 69,093
7 2500000 Single Yes Age 60 2% After age 85 80,355
8 3200000 Single Yes Age 60 2% After age 85 96,379
9 500000 Single Yes Age 60 2% After age 90 32,606
10 750000 Single Yes Age 60 2% After age 90 36,851

Assumptions

  • You own your own home and have personal assets of $25,000 or less. These calculations do not allow any investment assets outside super. Note that the amount of investment assets you have can greatly affect the amount of Age Pension you are eligible for.
  • Inflation costs are a 2% rise per year in cost of living plus a 1.2% additional rise per year in living standards
  • You retire after you reach Age Pension age
  • All returns are net of fees
  • Results are in today’s dollars
  • We recommend you also review the assumptions that MoneySmart list below their calculator

Learn more about how much super is enough in the following SuperGuide articles:

How to use the MoneySmart Retirement Planner

How to use the MoneySmart Retirement Planner

January 21, 2021

Income from super Reckoner

Income from super Reckoner

February 18, 2020

Is $500,000 in super enough to retire on?

Is $500,000 in super enough to retire on?

February 11, 2020

Is $750,000 in super enough to retire on?

Is $750,000 in super enough to retire on?

February 11, 2020

Is $1 million in super enough to retire on?

Is $1 million in super enough to retire on?

February 11, 2020

Is $1.6 million in super enough to retire on?

Is $1.6 million in super enough to retire on?

February 11, 2020

Is $2 million in super enough to retire on?

Is $2 million in super enough to retire on?

February 11, 2020

Is $3.2 million in super enough for a couple to retire on?

Is $3.2 million in super enough for a couple to retire on?

February 11, 2020

How much super do I need to retire on $40,000 a year?

How much super do I need to retire on $40,000 a year?

February 11, 2020

How much super do I need to retire on $60,000 a year?

How much super do I need to retire on $60,000 a year?

February 11, 2020

How much super do I need to retire on $80,000 a year?

How much super do I need to retire on $80,000 a year?

February 11, 2020

How much super do I need to retire on $100,000 a year?

How much super do I need to retire on $100,000 a year?

February 11, 2020

How much super do I need to retire?

How much super do I need to retire?

February 11, 2020

How accurate are ‘retirement estimates’? 7 assumptions you need to understand

How accurate are ‘retirement estimates’? 7 assumptions you need to understand

November 21, 2019

Falling behind with your super? How your super balance compares

Falling behind with your super? How your super balance compares

October 2, 2019

Learn more about retirement calculators and reckoners in the following SuperGuide articles:

Annual super fund performance Reckoner: Annual returns for 5 investment categories

Annual super fund performance Reckoner: Annual returns for 5 investment categories

January 19, 2021

Age Pension calculator: How much could you be eligible for?

Age Pension calculator: How much could you be eligible for?

September 18, 2020

Income from super Reckoner

Income from super Reckoner

February 18, 2020

Super fees and returns calculator

Super fees and returns calculator

October 2, 2019

Retirement age calculator: When can you access your super or the Age Pension?

Retirement age calculator: When can you access your super or the Age Pension?

August 7, 2019

How reliable are retirement income calculators?

How reliable are retirement income calculators?

August 1, 2019

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IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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Important: Disclaimer

All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

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