Meet Greg

He’s 56 and plans to retire when he’s 67. Greg has watched his super slowly grow over the year, but now that retirement is near he’s worried it might not be enough.

  • Age 56
  • Plans to retire 67
  • Salary $65,000
  • No extra contributions
  • $237,000 super
  • Single
  • Employer contribution 9.5%.

Based on Greg’s super balance alone, his estimated income would be just $12,973 each year. However, if Greg is eligible for the Age Pension his retirement income increases to $35,577 each year. While this is less than ASFA’s comfortable retirement standard Greg is more confident about his future knowing he’ll have the Age Pension to help him.

  • Tasplan Super Tasplan Super Age Pension example

    This is a model, not a prediction. The results from MoneySmart’s Retirement planner calculator are based on the limited information provided and assumptions made about the future. The amounts projected are estimates only and aren’t guaranteed. Results calculated as at 5 June 2019.

    This calculator can’t predict your final super benefit or level of retirement income with certainty because this will depend on your personal circumstances, unexpected life events, the Age Pension paid, investment earnings, tax and inflation.

    This calculator assumes that your contributions are steady and predictable and that all assumptions remain steady.

    Don’t rely solely on this calculator to make decisions about your retirement. There may be other factors to take into account. Consider your own needs, financial situation and investment objectives. You may wish to get advice from a licensed financial adviser.

    Example assumes:

    • a medium fee level before and after retirement ($50 administration fee each year and 0.6% indirect cost ratio each year)
    • a balanced investment option before retirement (4.8% return each year before fees and taxes, 6.5% tax on earnings each year and 0.5% investment fees each year)
    • a conservative investment option after retirement (3.8% return each year before fees and taxes plus 0.3% investment fees each year)
    • $100 for insurance premiums/fees each year
    • 3.2% total inflation (2% each year for rise in cost of living and 1.2% each year for additional rise in living standards)
    • they are home owners
    • has personal assets of $25,000
    • super will run out when they reach age 90.