There are a couple of questions that are important to everyone considering retirement.

  • What income will I need to fund the lifestyle I’m after in retirement?
  • How much income am I currently on track to receive?

Our Retirement Income Calculator could help you answer both of these questions, and identify any gaps between what you’d like to have, and what you’re on track to receive. It also lets you explore the effect taking a career break or making additional contributions may have on your super. You can choose to include the estimated government Age Pension in your results too. View assumptions and limitations of Retirement Income Calculator.

How much is enough?

That depends largely on the lifestyle you’re planning for. There are a few different methods you can use to give you a rough idea:

The two-thirds rule

If you’re currently living on an above-average income and you’ve paid off your home, Government’s MoneySmart website suggests that you’ll need to have about two-thirds of your current gross income to maintain your lifestyle in retirement. This is the formula we’ve used in the calculator, except where you’re not working before retirement.

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

According to the ASFA Retirement Standard, a retired couple aged around 65 would require income of $61,522 per year for a comfortable retirement. For singles, it’s around $43,601. A comfortable lifestyle includes a broad range of leisure and recreational activities, health insurance, and occasional overseas holidays. It also assumes you own your home.

* Source – ASFA Retirement Standard, June Quarter 2019

Set your own budget

Of course, you may have your own ideas about how much you’re likely to spend. If you’d like to set your own budget, but you’re unsure where to begin, the Budget Planner could help.

If there is a gap what can you do?

Check out some super strategies

Learn more about how you can grow your super, including ways that may not affect your take-home pay.

Attend a QSuper seminar

We hold more than 450 seminars, webinars and workplace talks every year across the state, hosted by highly skilled super and retirement specialists. With this much flexibility, chances are you’ll find a time and place to suit you. Register now.

Get in touch

We’re here to answer your questions. Contact us.

Get started with the Retirement Income Calculator