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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.
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 $72,665 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 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.
|Relationship status||Retire at||Eligible for Age Pension?||Super balance at retirement||Return on savings (% per year)||Super lasts until||Annual Income|
|wdt_ID||Relationship status||Retire at||Eligible for Age Pension?||Super balance at retirement||Return on savings (% per year)||Super lasts until||Annual Income||Part AP from|
|1||Single||Age 60||Yes||100000||2%||After age 85||21,492||67|
|2||Single||Age 60||Yes||200000||2%||After age 85||24,961||67|
|3||Single||Age 60||Yes||300000||2%||After age 85||27,872||67|
|4||Single||Age 60||Yes||400000||2%||After age 85||30,793||67|
|5||Single||Age 60||Yes||500000||2%||After age 85||33,716||67|
|6||Single||Age 60||Yes||750000||2%||After age 85||39,253||67|
|7||Single||Age 60||Yes||1000000||2%||After age 85||43,687||68|
|8||Single||Age 60||Yes||1250000||2%||After age 85||48,505||71|
|9||Single||Age 60||Yes||1600000||2%||After age 85||56,250||74|
|10||Single||Age 60||Yes||2000000||2%||After age 85||63,771||77|