Estimated time: 15 mins
This calculator helps you work out:
What income you are likely to have from super
and the Age pension after you retire
How contributions, investment options, fees
and retirement age affect your retirement income from super
What actions you can take to boost your super
and retirement income
Please note: iPads and iPhones do not support Flash (as well as
some other mobile devices)
If you see this message:
- Flash may still be downloading, or
- Your browser may not have Flash installed (You
can download the latest version for free from http://get.adobe.com/flashplayer/),
- You are using an iPad or iPhone which does not support
The MoneySmart team is working towards replacing Flash on our
website so calculators will render across all devices.
About this calculator - disclaimer &
- Retirement estimates do not take into account changes to Age
pension entitlements under the assets test, announced in the 2015
Federal Budget. These changes are planned to take effect from
- This is a model not a prediction. Results are
only estimates, the actual amounts may be higher or lower. We
cannot predict things that will affect your decision such as
movements in investment markets.
- This calculator is not intended to be your sole source of
information when making a financial decision. You should consider
whether you should get advice from a licensed financial
- This calculator does not work for people in defined benefit
- Refer to the "How it works" section within the Retirement planner
for detailed information.
- You will need Adobe
- You can save one or multiple versions of the calculations
within MoneySmart and retrieve them at a later date
- You need to refer to documents with details about your super
fund including fees and your investment option
- You can print your results
Retirement planner FAQs - frequently
Q. How do I retrieve a saved calculator?
A. To retrieve a saved calculator, go to the relevant calculator
and click on the "select saved calculator" dropdown menu
in the toolbar (see example below) and select your previously saved
calculator from the list.
If you are not already logged in you will be asked to login. After
entering your username or email and password, you will be able to
select any previously saved results.
Q. Do calculators save data automatically?
A. No, you will need to click on the "Save" icon if you wish to
save your budget.
Q. Why can't I see your calculators on my iPad or iPhone?
A. This calculator was built using Flash at a time when Flash
was accessible to the majority of internet users. Since then, iPads
and iPhones have become very popular and they do not support Flash
files. The MoneySmart team are recreating all our calculators in a
format that will be usable on all devices. Unfortunately, this
process will take a while, so stay tuned!
Q. Are there advanced settings I can change?
A. Yes, within the calculators that you can save, there are some
defaults and assumptions that you can adjust as required. These can
be found within the "How it works" or "Settings" sections.
Q. Why can't I enter a retirement age younger than 55?
A. This calculator estimates your combined super and Age pension
entitlements. You will be able to access your super between the
ages of 55 and 60, depending on your date of birth. The calculator
will not estimate retirement income from super until you have
reached your preservation age.
Q. Why doesn't it allow for an age difference of more than 10
years between partners?
A. When designing the retirement planner we had to put
limitations on some things in order for it to work well for the
majority of people.
Once the age difference between partners is greater than 10
years it becomes much harder to predict future income and Age
pension entitlements. We are aware that this is an issue for some
people but we don't plan to alter the calculator at this
If you are one of these people you can still use the calculator to
give you an idea of how your own super is tracking.
Selecting 'no' to a partner and 'no' to including the Age
pension in the 'How it works' section will allow you to get a good
idea of how much income your super may provide you when you
Q: My partner and I are the same age and have similar super
balances, why is our projected income from super different?
A: Men and women have different life expectancies, on average a
women's super has to last 2 years longer than a man's super which
is why a woman's income from super will be lower, all other things
Q: Can I enter assets outside of super?
A: Yes, in the 'How it works' section you can enter the total of
all assets outside of super. They will be taken into account when
estimating Age pension entitlements.
Q: Can I enter income from other sources, such as investment
income or current super pensions?
A: No, you will need to manually add other income to your
estimated income from super and the Age pension.
Q: If I have other income or assets, won't that affect my Age
A: Yes, however if you enter other investment assets in the 'How
it works' section, they will be included in Centrelink calculations
as an asset, and income deemed according to Centrelink's deeming
Q: I have a defined benefit super fund, can I still use this
A: No, this calculator only works for accumulation funds.
Defined benefit funds have special tax and Centrelink implications
and these can differ between defined benefit funds. You will need
to get a pension estimate from for super fund.
Q: Can I change the level of income I receive at some time in
A: No, this calculator will not allow you to change your level
of income throughout your retirement.
Q: Why does my super pension increase and decrease over
A: The minimum pension you must withdraw each year is calculated
as a percentage of your balance, for example at age 65, you must
withdraw 5% of the account balance each year. As your account
balance decreases your minimum pension payments decrease. The
minimum percentage will increase at age 75 and every 5 years
thereafter until you reach age 95. At each of these milestones your
minimum pension allowed will cause an increase in pension
Q: Are the income figures before or after tax?
A: Investment returns are shown after any fees and taxes. Income
estimated is before income although super and Age pension income is
tax free for most people over age 60.
Q: What rate of return does the calculator use, and can I
A: The calculator defaults to average returns for a balanced
investment option. Investment options can be changed on the slider
in the 'Improve your results' section or in the "How it works'
section. If you are going to change the returns to reflect
your fund, we recommend you use a long term average of 5 years or
Q: Can I change the age my super pension runs out?
A: Yes, in the 'How it works' section, you can change the age
you want your super pension to last.
Q: Can I estimate my retirement income without the Age
A: Yes, in the 'How it works' section, you will find a question
'Include the age pension?'. Select 'No'.
Q: Is the income estimate in today's dollars or future
A: All amounts are in today's dollars.
Q: Can I change the rate of inflation?
A: Yes, in the 'How it works' section, you can change both the
rate of inflation and the assumed increase in living standards.
Q: Will this calculator work for self managed super funds?
A: Yes, however you will need to make sure you include all fees,
including accounting and auditing fees. Also make sure the rate or
return is appropriate for your fund.
Q: Does the retirement planner take into account that I won't
be eligible for the age pension until age 67?
A: Yes, the retirement planner uses you current age to determine
when you can access super and when you will be eligible for the Age
Q: Can I enter a lump sum contribution to super before I
A: This calculator does not allow for one-off super
contributions. If you are close to retirement you could change your
super balance to reflect the lump sum contribution you expect to
Q: Does this calculator take into account the new Centrelink
A: Yes, the retirement planner does take into account the new
Centrelink deeming rules that come into effect 1 January 2015.
Last updated: 27 Aug 2015
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