Superannuation Calculator

How much will my super grow before I retire?

The HIP superannuation calculator estimates how much your super savings may grow by the time you expect to retire. You can even change the amount of personal contribution and the likely investment returns to look at other scenarios.

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 your personal details.

STEP 2

Click on the "Your benefit at retirement" tab to see a graph of how your super assets are building. 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, then click anywhere on the page to see your changes appear on the graph. Find out how changing your personal contribution level can affect your retirement benefit. 

STEP 3

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 assumed inflation rate of 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 return 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 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 which currently stands at 9% p.a.  15% contributions tax is deducted from employer contributions in the calculations.
5.    Member Contributions: After tax contributions are contributions made out of your net pay. Pre tax (i.e. salary sacrifice) contributions are contributions on which you claim a tax deduction. 15% contributions tax is deducted from Pre tax contributions in the calculations.
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.    Co-contribution: 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 2010/11 year of income will remain unchanged until you retire,.  The lower income threshold is assumed to remain unchanged until 30 June 2012 and increase in line with inflation at the assumed rate thereafter.  The maximum contribution attracting a Co-contribution in any year of income is assumed to remain constant at $1,000.  The Co-contribution matching rate is assumed to remain at 100% and the rate of reduction above the lower income threshold is assumed to remain at 3.333 cents per $1.
8.    These calculations make no allowance for any fees or insurance charges.
9.    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.
10.    Interest is calculated and compounded yearly. Yearly contributions are assumed to be paid half way through each year.
11.    The salary figure usually means your regular gross pay, but commissions or other allowances may be included depending on your own particular fund.
12.    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.
13.    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.
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.
15.    The projections give a general indication only of the build-up of your superannuation through to retirement. 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 July 2010.  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