No doubt you have heard people say you need a million dollars (or some other nice round figure) in superannuation before you can afford to retire. Often they are the same people trying to sell you investment products or advice. Don’t pay attention to them, because there is no magic number. The amount of super YOU need ... Read more
Retirement Calculators and Reckoners
In this section you can discover some of the calculators and reckoners that SuperGuide have developed to make superannuation and retirement planning easier to understand.
We also show you how to use some of the other retirement calculators available, review how reliable they are, and give you tips on how to choose one the right one for you.
Set out below are all SuperGuide articles that relate to Retirement Calculators and Reckoners.
Super to income Reckoner
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 ... Read more
Income from super Reckoner
SuperGuide’s Income from super Reckoner can help you quickly and simply understand the approximate super savings you need to fund your desired retirement income. 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. ... Read more
How much super do I need to retire on $60,000 a year?
It’s fair to assume that the average Australian might hope to live comfortably, if not lavishly, in retirement. The widely-reported ASFA Retirement standard suggests couples can enjoy a ‘comfortable lifestyle’ on just over $60,000 a year. It stands to reason then that a single person should be able to live more than ... Read more
How much super do I need to retire on $80,000 a year?
So, you’ve done some preliminary sums and think you will need around $80,000 a year to live well in retirement. The ASFA Retirement standard suggests couples can enjoy a ‘comfortable lifestyle’ on around $60,000 a year and singles on about $43,000 a year. By this yardstick, $80,000 a year should support a more than ... Read more
How much super do I need to retire on $100,000 a year?
If you have always earned a high income and enjoyed the lifestyle that comes with it, chances are you want to continue living in the style to which you have become accustomed once you retire. The widely-reported ASFA Retirement standard suggests couples can enjoy a ‘comfortable lifestyle’ on just over $60,000 a year ... Read more
Is $500,000 in super enough to retire on?
According to the ASFA Retirement Standard, a couple can live a ‘comfortable lifestyle’ with a retirement balance of $640,000 while singles can enjoy the same with $545,000. But these are guidelines only. Depending on your personal circumstances, you might live comfortably on less especially if you are not keen on ... Read more
Is $750,000 in super enough to retire on?
A million dollars is often bandied about as the gold standard of retirement savings, but it is a suspiciously round number. Depending on your personal circumstances, you might live well on much less, say $750,000, especially if you are not a big traveller or you intend to continue working well into your 70s. We’ve ... Read more
Is $1 million in super enough to retire on?
A million dollars is often bandied about as the gold standard of retirement savings. It certainly sounds like a lot of money, but is it enough to retire on not just comfortably but in style? We decided to answer the million-dollar question. Using MoneySmart’s Retirement Planner we have calculated how much income $1 ... Read more
Is $2 million in super enough to retire on?
A million dollars is often cited as the gold standard of retirement savings. It certainly sounds like a lot of money, but it may not provide the income you require if you are a couple or if one of you has high healthcare needs. So we’ve decided to test run some higher retirement balances to help guide your planning, in ... Read more
Video: How to use the MoneySmart Retirement Planner
The MoneySmart Retirement Planner is a powerful calculator developed by ASIC. At SuperGuide we use it in many of our articles about retirement income but we highly recommend that SuperGuide readers use the calculator themselves to tailor more specific projections for themselves. The calculator allows you to specify ... Read more
Retirement age calculator: When can you access your super or the Age Pension?
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement: Preservation age: This is the age when you can access your super funds provided you have also met a condition of release (such as retiring or turning 65). Your preservation age is ... Read more
‘Today’s Dollars’: The impact of inflation on retirement income
Planning for your retirement and working out how much you’ll need to enjoy a good standard of living after your working years can be a complex task, and one factor that needs to be considered is inflation. Inflation is the measure of a change in the cost of living and it usually rises each year, reducing the amount ... Read more
What is the retirement age in Australia?
“What is Australia’s retirement age?” or “What age can I retire?” are common questions. The simple answer is “it depends”, because there is no such thing as a 'retirement age' in Australia, nor any laws that dictate when someone is allowed to retire. You can choose to retire whenever you want. A better question to ask ... Read more
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 ... Read more