Super & Retirement Calculator

Super & retirement calculator for retiring or future planning. Whether you're just starting out or nearing retirement, this tool can help you understand your options.

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Retirement Strategy

*This calculator provides estimates only. Consult a financial advisor for personalized advice.

Retirement Summary

Estimated Super Balance at Retirement: $0
Combined Super Balance: $0
Total Net Worth: $0
Total Mandatory Super Contributions: $0
Total Voluntary Super Contributions: $0
Total Investment Returns (until retirement): $0
Total Other Assets: $0
$30,000 $200,000

Frequently Asked Questions

The Association of Superannuation Funds of Australia (ASFA) suggests these super balances for a comfortable retirement:

Target super balance by age (approximate):

  • Age 30: $61,000
  • Age 40: $154,000
  • Age 50: $271,000
  • Age 60: $430,000

For retirement at 67:

  • $595,000 for a single person
  • $690,000 for a couple

These figures assume you want a "comfortable" retirement lifestyle. A "modest" retirement requires less, and the Age Pension can supplement your super income.

After age 60:

  • No tax on lump sum withdrawals
  • No tax on pension payments
  • Investment earnings in retirement phase are generally tax-free

Between preservation age and 60:

  • Tax-free component: No tax
  • Taxable component: Taxed at marginal rate with 15% tax offset
  • Lump sums: Tax-free up to low rate cap ($230,000 lifetime limit)

When retiring, you have several options for managing your superannuation:

1. Keep it in Super (Account-based Pension)

  • Convert your super to a retirement income stream
  • Continue benefiting from tax-free investment earnings
  • Flexible withdrawal options while keeping money invested
  • Professional fund management and diversification

2. Lump Sum Withdrawal

  • Access your entire super balance at once
  • Useful for paying off debt or making major purchases
  • May impact Age Pension eligibility
  • Requires careful management of investments outside super

3. Combination Approach

  • Take partial lump sum for immediate needs
  • Keep remaining balance invested in super
  • Balance flexibility with long-term security

Important Considerations:

  • Tax implications of different withdrawal strategies
  • Impact on Age Pension eligibility
  • Investment returns and risk management
  • Long-term income sustainability

Professional Advice

It's highly recommended to consult with a licensed financial advisor before making decisions about your retirement strategy. They can help you:

  • Understand all available options
  • Assess tax implications
  • Plan for long-term income needs
  • Structure your retirement income efficiently
  • Optimize Age Pension eligibility

Remember that everyone's situation is unique, and what works best for one person may not be optimal for another. Professional advice can help you make the most appropriate choice for your circumstances.

Main types of super funds:

  • Industry Funds: Not-for-profit, generally lower fees
  • Retail Funds: Run by financial institutions, more investment options
  • Public Sector Funds: Government employee funds
  • Corporate Funds: Company-specific funds
  • SMSFs: Self-managed super funds

Key differences include:

  • Fees and costs
  • Investment options
  • Insurance offerings
  • Performance history
  • Member services and benefits

To be eligible for the Age Pension, you need to:

  • Be 67 or older
  • Be an Australian resident for at least 10 years
  • Meet the income and assets tests

Income Test (2024) - How much you can earn:

  • Single: Up to $204 per fortnight for full pension
  • Couples: Up to $360 per fortnight combined for full pension
  • You can earn more and still get a part pension

Assets Test (2024) - What you can own:

  • Your home isn't counted
  • Single homeowner: Up to $301,750 for full pension
  • Couple homeowner: Up to $451,500 for full pension
  • You can have more assets and still get a part pension

Maximum Pension Payment (per fortnight):

  • Single: $1,116.30
  • Couple: $1,682.60 combined

The pension reduces gradually as your income or assets increase above these limits. Use our calculator above to estimate your eligibility.

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Super & Retirement Calculator

Use this retirement calculator to estimate your superannuation balance and plan for a comfortable retirement in Australia.

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Use this tax return calculator to estimate your potential tax refund or liability for the current financial year.

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This calculator is for estimation purposes only and should not be considered financial advice. The results provided are based on general assumptions and may not reflect your exact financial situation. For accurate and personalized advice, please consult a qualified financial professional or tax advisor.