Retirement planner

Estimated time: 15 mins

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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, or
  • You are using an iPad or iPhone which does not support Flash

The MoneySmart team is working towards replacing Flash on our website so calculators will render across all devices.

About this calculator - disclaimer & further information


  • 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 January 2017. 
  • 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 adviser.
  • This calculator does not work for people in defined benefit funds.

Further information

  • Refer to the "retirement-planner-how-it-worksHow it works" section within the Retirement planner for detailed information.
  • You will need Adobe Flashplayer
  • 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 asked questions

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 stage.

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 retire.

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 being equal.

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 pension estimate?

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 rules.

Q: I have a defined benefit super fund, can I still use this calculator?

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 the future?

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 time?

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 income.

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 change it?

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 longer.

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 pension?

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 dollars?

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 pension.

Q: Can I enter a lump sum contribution to super before I retire?

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 make.

Q: Does this calculator take into account the new Centrelink deeming rules?

A: Yes, the retirement planner does take into account the new Centrelink deeming rules that come into effect 1 January 2015.

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Last updated: 02 Feb 2016