Retirement income calculator

Do my super numbers add up?

We know that two of the most important questions you have about your super are:

QSuper’s Retirement Income Calculator could help you answer these important questions and identify any potential gap between what you are on track to receive and what you’d like to have.

It also allows you to explore what effect taking a career break or making additional contributions can have on your super. You can also choose to include the estimated government Age Pension in your results.

How much will you need?

That depends on the lifestyle you’re looking forward to.  To give yourself a basic idea, we’ve outlined several methods you can use to estimate the income you’ll need:

Two-thirds rule

To maintain your current lifestyle, ASIC suggests that you’ll need about two-thirds of your current income if you’ve been living on an above average income and you have paid off your home loan. We’ve used this method as the default in the calculator, except where you are not working prior to retirement.

Association of Superannuation Funds of Australia (ASFA) Retirement Standard*

According to the standard, for a comfortable lifestyle a couple would need about $54,000 a year and singles would need around $39,000. A comfortable lifestyle as measured by this standard includes a broad range of leisure and recreational activities, health insurance and occasional overseas holidays.  It also assumes home ownership. We’ve used this method as a default when you are not working.

*Source – ASFA Retirement Standard, March Quarter 2011

Set your own budget

Set your own budget by looking at your expected expenses in retirement. If you’d like to set your own retirement income, but are unsure where to begin, the Budget Planner may assist you.