Dan (60) is a freelance web designer who earns $76,000 per year. He hasn’t always put money aside for super, so his balance is a relatively low $120,000. His wife Jenny (58) is a registered nurse on a salary of $85,000 with a super balance of $230,000. Their two children are independent adults and they have a ... Read more
Retirement Calculators and Reckoners
Over the years, we receive many requests from readers seeking the magic lump sum amount needed to finance a worry-free lifestyle in retirement. In the many articles we publish, and update, on this topic, we assume certain rates of return, different retirement ages, different life expectancies, and in most cases, we assume a PART Age Pension.
Our very popular ‘How much super is enough’ articles, and $1 million retirement articles have prompted us to create the following Retirement Reckoners:
- How Much Super Is Enough Reckoner
- Retirement Income Reckoner
- Retirement Age Reckoner: Discover your preservation age and Age Pension age
Age Pension calculator: We have also developed a calculator to give an indication of potential Age Pension entitlements: Age Pension calculator: How much could you be eligible for?
Annual Minimum Pension Payment calculator: For those readers running super pensions, we have developed minimum pension payment calculator to assist with working out the minimum payments required to be paid out each year from account-based super pensions: Annual Minimum Pension Payment Calculator.
Note: Alongside the Retirement Reckoners, we have developed Investment Performance Reckoners, which provide investment returns for the past 8 years: Investment Performance Reckoners
Set out below are key SuperGuide articles supporting the SuperGuide Retirement Reckoners and Calculators:
Set out below are all SuperGuide articles referring to Retirement Calculators and Reckoners.
Retirement planning case study: Couple aged 47 and 48
Chris (47) earns $180,000 per year and has $430,000 in super Lisa (48) earns $80,000 per year and has $220,000 in super They have one daughter at university and are close to paying off their mortgage They want to know if they are on track to retire when Chris turns 60 Chris and Lisa currently enjoy a more ... Read more
Retirement planning case study: Single woman, aged 52
Deb (52), is divorced and single She earns $60,000 per year and has just $85,000 in super after taking time out of the workforce to raise her two children who are now independent She is on track to own her home outright within a few years but has no other investments outside super She won’t be eligible for the ... Read more
How to plan for your retirement
Some of us dream about the day we can finally stop work and do all the things we never have time for. The chance for extended travel without having to race back to work, to pursue hobbies, make a sea or treechange or spend time with the grandkids. Some love their work and want to keep contributing as long as ... Read more
What is the retirement age in Australia?
In Australia, there is no official retirement age but there are special rules that apply, which determine the age when you can withdraw your superannuation benefits (preservation age), and the age when you can claim the Age Pension (Age Pension age). You can discover your preservation age (for accessing your super ... Read more
Retirement income: Come on, how much super do I really need?
You’re thinking about your retirement and worried about whether you’ll have enough money to live the life you want, or perhaps you’re more worried about not having enough money to even live the life you don’t want! Uncertainty can create a lot of stress, and doing some research (see SuperGuide article How to plan ... Read more
Retirement income: Today’s dollars, and why $1 million can’t last forever
Note: This article is a supporting article to the three-part series, ‘Crunching the numbers: a $1 million retirement (7% and 5% returns)’, ‘Low yields: A $1 million retirement on 3% or 2% returns, and ‘Crunching the numbers: a $1.6 million retirement’ (links for these articles are set out at the end of the ... Read more
Crunching the numbers: a $1 million retirement (7% and 5% returns)
Note: This article is updated every 6 months or so with new figures, covering retirement incomes when retiring at age 58, age 60, age 66, age 67 and age 70. The article allows readers to compare what a $1 million retirement can deliver if retirement savings are invested with returns of 7% each year, or if invested on ... Read more
Low yields: A $1 million retirement on 3% or 2% returns
Note: This article lists expected annual retirement incomes for a $1 million starting retirement balance, when savings are invested during retirement delivering returns of 3% or 2% each year. If you opt for a 3% investment return, rather than, say, 5% or 7% return, during retirement, then you will need to accept a much ... Read more
Retirement Income Reckoner
The SuperGuide Retirement Income Reckoner allows you to discover what type of annual income (indexed for inflation), you can expect in retirement (including PART Age Pension) for a range of superannuation balances. You can find out what type of income your retirement savings will deliver based on 8 different ... Read more
Retirement income: Living on more than $60,000 a year
Note: This article is updated every 6 months with the latest lifestyle/income data. The most recent data was released in August 2018 (for lifestyle costs up to June 2018) and includes Age Pension rates (applicable from 20 September 2018). The tables in this article list lump sums needed to finance a retirement of 25 ... Read more
How Much Super Is Enough Reckoner
The How Much Super Is Enough Reckoner allows you to discover how much superannuation you need in retirement to deliver your ideal indexed annual income over retirement (including PART Age Pension). You can find out the super savings you will need for a $50,000 a year retirement, a $60,000 a year retirement, a ... Read more
Reality check: How much does it cost to live in retirement?
We all have expectations about what our retirement will look like in terms of lifestyle, but how does retirement actually pan out for those living in retirement? SuperGuide regularly publishes articles and reckoners on the lump sums necessary on retirement to live your desired lifestyle, and we also publish articles on ... Read more
How much super do you need to retire comfortably?
What can you expect to discover by reading this article? The article outlines how much money you will need to finance a retirement of 25 years, regardless of whether you retire at Age Pension age (65.5 years to 67 years) or even age 70. Due to reader demand, we list the lump sums needed on retirement if your ... Read more
Retirement income: Want to live on $100,000 a year?
We receive many questions from readers, and some of those questions relate to how much money is needed to create a comfortable life in retirement. At SuperGuide, we regularly update our ‘how much super is enough’ articles and these articles cover scenarios for those seeking modest, comfortable or more luxurious ... Read more