Superannuation and Retirement Calculator

How much could I retire on if I added more to my super now?
 

Use the HIP Super superannuation and retirement calculator for an estimate on how much your super assets will grow before your retirement, how long the asset will last you in retirement and how this can change if you contribute more super now. Perhaps it is time to make some personal super contributions to boost your super savings.

The calculator relies on certain assumptions (see below). Please note that if the assumptions used are not correct or if there is any variation from these assumptions, this may have a significant impact on the projected outcome.

Please note: these calculators are Windows compatible only. You require Java to be enabled in the preferences settings of your browser.

STEP 1

Enter all the relevant details.

STEP 2

Click on the "Your benefit at retirement" tab to see a graph of your super growing. At the bottom of this tab, you may enter changes to your personal contribution level and the investment returns to see how it affects your super.

STEP 3

Click on the "How long will it last" tab to see how long your retirement funds will last you in retirement. 

STEP 4

Click on the "Summary" tab to see the progress of your super assets in figures.

Important Notes

1.    Both Employer and Employee contributions increase each year in line with an inflation rate of 3% p.a. In retirement it is assumed that the income chosen increases with inflation at 3% p.a. The actual rate of inflation may differ significantly from this rate (see 20 below).
2.    The calculator uses an investment rate of 6.25% p.a. (see 20 below).
3.    Your superannuation assets increase each year with investment earnings (net of tax) at a default rate of 6.25% pa. You may change the default rate earned whilst working and also the rate earned during retirement to see the effect that this may have. The actual rate of return on your investments may differ significantly from 6.25% p.a.
4.    Employer contributions are calculated to be not less than the minimum amount you are entitled to under Superannuation Guarantee Legislation. 15% contributions tax is deducted from employer contributions in the calculations.
5.    After tax contributions are contributions made out of your net pay. Pre tax contributions are contributions on which you claim a tax deduction. 15% contributions tax is deducted from Pre tax contributions in the calculations.  If you select the Co-contribution option, the calculator will assume that you are eligible for the Co-contribution and automatically calculate the amount of any government Co-contribution to which you may be entitled in each year of the projection.  In calculating these amounts, the calculator assumes that the Co-contribution rules for the 201009/110 year of income will remain unchanged until you retire.  The lower , with the income threshold is assumed to remain unchanged until 30 June 2012 and s increaseing in line with inflation at the assumed rate thereafter.  T, with the maximum contribution attracting a Co-contribution in any year of income is assumed to remaining remain constant at $1,000.  The  and with the Co-contribution matching rate is assumed to remain at equal to 100% up to 30 June 2012, 125% up to 30 June 2014 and 150% thereafterand the rate of reduction above the lower income threshold is assumed to remain at 3.333 cents per $1.
6.    Contribution Limits:  The calculator will prompt you to enter pre- and post-tax contribution amounts less than or equal to the legislated Concessional Contribution Limit (currently $50,000 for individuals over 50 and $25,000 otherwise) and Non-concessional Contribution Limit (currently $150,000) respectively.  In addition, the calculator projects the value of the legislated limits in each future projection year and compares the legislated limit to the projected contribution amounts.  If the projected contribution amounts are in excess of the legislated limits, the contribution amount in that year is automatically reduced to the limit, and a warning message is displayed.  Note that the $50,000 Concessional Contribution Limit for individuals over 50 will cease to apply from 1 July 2012, and the same indexed $25,000 Concessional Contribution Limit will apply to all individuals thereafter.  If you are over 50 and enter a pre-tax contribution in excess of $25,000, the calculator will assume that you make contributions at this level up to 30 June 2012, and contributions equal to the indexed $25,000 limit thereafter.
7.    These calculations make no allowance for any fees or insurance charges.
8.    The calculation caters only for employees of accumulation style funds such as an industry superannuation fund. No allowance has been made for the self employed or for members of defined benefit funds.
9.    Interest is calculated and compounded yearly. Yearly contributions are assumed to be paid half way through each year.
10.    The salary figure usually means your regular gross pay, but commissions or other allowances may be included depending on your own particular fund.
11.    The calculator assumes that the date set on your computer is correct. Projections are started from this date, and your age is assumed to be at this date.
12.    You may optionally specify that you will spend a period not working during which it is assumed that no superannuation contributions are made by you or on your behalf between the age contributions stop and the age contributions restart. During this period investment earnings are still calculated and added.
13.    At retirement the superannuation benefit is assumed to be paid as a lump sum.  No tax is deducted from benefits in these calculations. It is possible that your superannuation benefit will be subject to tax.
14.    The results shown depend on the assumptions made. If actual experience differs from the assumptions made then the results may change significantly. On the second tab you may experiment with two of the more important assumptions (your contributions and the level of investment earnings) to see the changes that result. On the third tab, you may experiment with the income you draw in retirement and the investment earnings rate in retirement.
15.    The projections give a general indication only of the build-up of your superannuation through to retirement and its run down in retirement as you draw on it. The figures are based on the assumptions above and are GENERAL ILLUSTRATIONS ONLY. They are not intended to be a substitute for professional financial advice. They do not make any allowance for fees, insurance premiums or taxes on the superannuation benefit received at retirement
16.    The results shown are NOT GUARANTEED in any way. The actual performance of a fund will depend on future economic conditions, investment management and future taxation.
17.    HIP and its related companies specifically disclaim any liability (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with the access to or use of this calculator.
18.    Other than as required under consumer protection law, under no circumstances will HIP and its related companies or Rice Warner Actuaries Pty Ltd be liable for any loss or damage caused by a user’s reliance on information obtained by using this calculator.
19.    You should not make any decisions on the information contained herein without first consulting with your financial adviser or accountant.
20.    The assumptions used have been provided by Rice Warner Actuaries Pty Ltd, ABN 35003 186 883 AFSL 239 191.  Rice Warner has advised that they represent reasonable assumptions as at 1 May July 20102008. The Trustee will arrange for them to be reviewed in the future with the aim of ensuring that they remain appropriate for the purposes of this calculator, the provision of general illustrations only.

You can alter the rate of interest to have the calculations performed on alternative bases. You may wish to seek professional financial advice as to the assumptions that would best suit your particular circumstances.

We have included some economic data to allow you to put the assumptions in context.

* The survey returns are net of tax and investment management charges