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Are you on track for the Retirement you want?
There are a couple of questions that are important to everyone considering retirement.
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.
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:
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.
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
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.
Learn more about how you can grow your super, including ways that may not affect your take-home pay.
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Get started with the Retirement Income Calculator