What is an Income account?

An Income account lets you use your super benefit to generate a tax-effective income in retirement. With an Income account you can:

  • choose the level of income you want to receive each year, subject to a minimum amount
  • vary your level of income, depending on your needs
  • make lump sum withdrawals.

What this calculator is for

This calculator helps you work out how long your retirement savings may last, based on the level of income you choose to draw.

The results are shown in 'today's dollars', meaning they are discounted to account for both inflation and increasing living standards. See the assumptions below for more details on this.

Please note: The Australian Government has halved the minimum drawdown required for the 2020-21 and 2021-22 financial years, from 4% - 14% down to 2% - 7% based on age. The calculator does not reflect this change given it is a temporary measure.


  • The amounts shown in the table are discounted to account for both inflation and increasing living standards. We apply a discounting rate of 3.2% per annum.
  • The calculator assumes you will make steady regular returns. This will differ from actual future investment performance.
  • The earnings rate you enter is assumed be to a 'net' rate (after all fees and taxes).


  • It is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial planner before making any financial decisions.
  • The figures are designed as a general illustration of the working of an account-based Income account and the estimated result is not guaranteed in any way. The actual performance will depend on the product you choose, future economic conditions, and investment performance.
  • Investment returns have been applied net of fees and taxes. Your actual fees may be higher or lower than the assumed cost and this may impact on your retirement benefit. As a result, the calculator may provide an overestimate (if actual fees and taxes are higher) or an underestimate (if actual fees and taxes are lower).
  • We haven’t taken into account any tax on payments. Income accounts payments are tax free from 60.
  • It will not give valid results for Transition to Retirement Income accounts as the earnings of these accounts are taxed at up to 15%.