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 $28,543 each year. However, if Greg is eligible for the Age Pension his retirement income increases to $40,085 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

    These are models, not predictions. 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 20 May 2020.

    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:

    • $74 administration fee each year, 0.85% investment fees each year and 0% indirect cost ratio each year

    • pre-retirement investment returns of 7.5% each year before fees and taxes, with 7% tax on earnings

    • post-retirement investment returns of 6.5% each year before fees and taxes

    • $214 for insurance premiums/fees each year

    • 4% total inflation (2.5% each year for rise in cost of living and 1.5% each year for additional rise in living standards)

    • is a home owner

    • has personal assets of $25,000

    • super will run out when they reach age 90.