To help you achieve the retirement lifestyle you want, you should start to save as early as possible. When planning how much super you will need to provide your required income in retirement, you need to consider how long you have to save and how much super you already have.
We have provided a super calculator to help you plan how much you need to contribute each year in order to meet your goals. (dollar amounts must be entered without commas and decimal points.)
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Assumptions:
Contributions are paid annually in advance and increase with inflation each year.
Tax at 15% is deducted from each contribution.
Inflation rate of 3% pa
Retirement age of 65.
Fund earnings before retirement net of tax is 6.25% pa
Life expectancy after age 65 based on Australian Life Table 1995 - 1997.
Retirement income increases with inflation each year.
Fund earnings after age 65 is 7% pa
The effect of investment fees and charges is ignored.
No account is taken of the effect of the aggregation of benefits.
Ordinary Earning Rate before and after retirement Net of Tax is 4.75% pa
Please Note: This calculator provides an indication of the level of contribution required to fund your retirement income needs. The calculation is based on the assumptions above and does not represent any promise or forecast as to the required contribution level for a desired income level. For a complete assessment of your superannuation and retirement income needs, please consult your National Financial Adviser.
