Retirement Income Calculator

 
 

 

Before you start, you need to read this

This Retirement Income Calculator is provided by AustralianSuper Pty Ltd ABN 94 006 457 987, ASFL 233788, the Trustee of AustralianSuper ABN 65 714 394 898. The calculator provides illustrative calculations based on stated assumptions only and is provided in good faith. It has been based on current laws and their interpretation as at 1 July 2017.

Calculations are meant to be estimates only and should not be relied upon as a true representation of any actual superannuation entitlements or benefits or relied on as a basis upon which to alter your financial situation. It has been prepared without taking into account your particular financial needs, circumstances and objectives. You should assess your own financial circumstances and needs before you make any changes to your financial affairs. This calculator is based on the features of the standard AustralianSuper accumulation and retirement income products.

Assumptions

In retirement it is assumed that all your superannuation balance is converted to an account based superannuation pension from a taxed super fund with payments made monthly.

The results produced by this calculator are based on various underlying assumptions below.

  • Planned retirement age 65
  • Start date 1/7/2017
  • Pre-retirement investment return 0f 6.5% p.a. net of fees and tax
  • Post-retirement investment return of 5.5% p.a. net of fees and tax
  • 9.5% compulsory super guarantee, increasing at the legislated increments up to 12% in FY2026
  • 3.5% salary growth index
  • 2.5% inflation (CPI)
  • Results expressed in todays dollars using 3.5% p.a. as the deflator
  • $1.50 per week administration fee increasing with wage inflation and plus an asset based fee of 0.11% (capped at $750 pa)
  • You have provided your Tax File Number to your super fund
  • You have met a relevant condition of release at your nominated retirement age
  • Your partner (if applicable) is assumed to retire at age 65
  • You will satisfy the work test for making contributions if you are between age 65 to 75
  • Centrelink’s income and assets test rules
  • In applying the Centrelink income test, we use the deeming rules that came in to effect on 1 January 2015.

You can change your retirement age in the calculator.  To change the value of other default assumptions visit AustralianSuper’s full website and access the full calculator under tools and resources.

Important information for those members who had an AustralianSuper Retirement Income account prior to 31 December 2014:

If you were receiving Centrelink payments and had an existing retirement income account on or before 31 December 2014, your income is assessed by Centrelink under different rules to those that are applied by this calculator. Please go to humanservices.gov.au/deeming or speak to a financial adviser on 1300 300 273 for more information.

About you

In retirement it is assumed that all of your super balance is converted to a retirement income account from a taxed super fund with payments made monthly.

You are assumed to retire at the end of the financial year in which you reach your nominated retirement age.  The calculator assumes that you have reached your preservation age or have met a relevant condition of release as at your nominated retirement age.  If this is not the case you will not be able to access your superannuation benefits until after you have reached your preservation age or satisfied a condition of release.

It is assumed you will satisfy the work test for making contributions from age 65 to 75 and you have provided your Tax File Number to your super fund.

Your partner

If you have indicated a partner your partner is assumed to retire at age 65.

Fees

Administration fees are based on the AustralianSuper Industry and retirement income products as noted in the assumptions in Step One. No indexation of the administration fee is applied.

The indirect cost ratio (the cost to manage your investment) is based on the AustralianSuper Balanced investment option. Different fees apply to other investment options. The indirect cost ratio is calculated based on the average account balance over the year, assuming contributions are made quarterly. It is based on the Balanced option expected long-term crediting rate.

Insurance fees and any other variable and fixed fees in the AustralianSuper product have not been considered in this calculator.

Privacy

Read our Privacy Collection Statement for a summary on why we collect the personal information requested in this form and how we handle that information.