As a super fund member, you pay fees for that super fund to look after your super savings. Do you know how much your super fund charges, and how those super fund fees will affect your final retirement balance? One of the key points from the Productivity Commission report on super was the significant difference ... 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
- $1 million Retirement 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.
Age Pension calculator: How much could you be eligible for?
Welcome to the SuperGuide Age Pension calculator. Using the calculator is easy. Enter your details in the calculator below (in the yellow blocks) and you will see an estimate of amount of Age Pension you may be eligible for. Note: The Age Pension rates used in the calculator are those that apply from 20 March 2018 ... 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
Annual Minimum Pension Payment Calculator
The SuperGuide Annual Minimum Pension Payment Calculator works out an individual’s minimum pension payment amount, based on the individual’s age and account balance as at 1 July for the financial year. You can try out the calculator below. Note: If you’re looking for a calculator that estimates Age Pension payments, ... 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
A Super Guide to the MoneySmart Retirement Planner
On the SuperGuide website, we use a free online calculator when making projections on how much money you will need for retirement, and the type of income you can except for a given amount of retirement savings. The calculator, MoneySmart Retirement Planner, is supplied, developed and updated by the government via ... Read more
$1 million Retirement Reckoner
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 ... Read more
Case study: Female, 55 and fearful about retirement plans
Lily, aged 55, has mixed feelings about her future retirement. She swings between being philosophical or fearful about her financial position, Lily has spent most of her life rearing her children and, until now, worked in low-paid jobs casually and part time before getting divorced later in life. She has $70,000 in ... Read more
Case study: Female, 45 and a worry-free financial future
Vala, aged 45, has only $35 000 in super and thinks the retirement planning stuff is all too hard. She expects to go on working until she dies, just to survive. A friend tells her about Trish Power’s six step process, and the existence of the free ASIC MoneySmart superannuation calculator. Vala’s friend also suggests ... Read more
Case study: I’m 53. Is it too late to save for my retirement?
Note: This article is updated periodically with the latest lifestyle/income data and latest Age Pension rates. The most recent data was released in December 2017 (for lifestyle costs up to September 2017), and for Age Pension rates, from September 2017. This case study was last updated February 2018. Q: I am 53 ... 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
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 61, 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
