Your super is designed to help you save for retirement, and by having an idea of your possible income in retirement today, you are better placed to make decisions about growing your super before you stop working.
When we are in the workforce, retirement can seem a long way off and it can be tempting to put plans to grow your super on the backburner.
By having an understanding of the sort of income you could be looking at in retirement, you may decide to grow your super with additional contributions now. By making extra contributions over the 9.5% Super Guarantee from your employer sooner rather than later, it could make a valuable difference to your super balance when you retire.
Our Retirement Income Calculator looks at your current age, the age at which you’d like to retire and the balance of your super today. It also takes into account the impact of your employer’s super contributions and ongoing investment returns on super to estimate your final super balance at retirement.
The calculator can also show the difference you could make to your super by making extra contributions today.
All you need to use the Retirement Income Calculator is the current balance of your super account and the age at which you would like to retire.
Before using the calculator please read and make sure you understand the information set out in the 'Disclaimer' and 'About this calculator' tabs. In addition you must review and (if required) change key assumptions for the calculations in the 'Settings' tab.
Find out more about the range of strategies you can use to help grow your super. Try just one or embrace them all to boost your super savings over time.
BT Super for Life will change the way you look at your super – a personal super fund you can conveniently manage online with your everyday banking.
BT’s Easy Rollover Tool streamlines the process of consolidating your superannuation into a single, manageable account and potentially save on account keeping fees.
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.
Superannuation is a long-term investment. Generally, contributions to a superannuation fund are preserved. The government has placed restrictions on when you can access your preserved benefits. In general, benefits will not be able to be paid until a member is age 65, or has permanently retired and is above his/ her preservation age (i.e. 55 years up to 60 years depending on when the member was born).
The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. Currently the cap is $30,000 per person pa for the 2016/17 financial year. If you are aged 49 or over on 30 June 2016, the annual cap is $35,000.
In addition, the government has set a non-concessional contributions cap. The cap is $180,000 per person pa. Those under age 65 can ‘bring forward’ two years’ worth of personal contributions, allowing them to contribute up to $540,000 per person over a three year period. However, in the Federal Budget announced on 3 May 2016, the government proposed to introduce a lifetime cap of $500,000 on non-concessional contributions, which would include non-concessional made since 1 July 2007. For more detail, speak with a financial adviser or visit the ATO website.