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How much money is enough to retire?

Use this calculator to help you estimate how much money you may need and how much you may have when you retire in just a few easy steps.

We can't predict the future, so all the calculations will be based on the information you have provided and some assumptions we've made. You can change some of the assumptions at the end and see the impact on your projected retirement income.

 

This tool provides factual information only and is not intended to imply any recommendation about a financial product or class of product. We recommend you seek professional financial advice before making any decisions.

 

By continuing to the next screen you confirm that you have read the disclaimer and assumptions.

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$000,000 Income at retirement
$000,000 Projected balance at retirement
00 Run out age

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$000,000 Income at retirement
$000,000 Projected balance at retirement
00 Run out age
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If your super pension payment is less than the minimum allowed, we have assumed excess drawdown will be invested in super.
The after-tax contributions you've entered would result in you exceeding your after-tax contributions cap. The calculator has capped contribution amounts keep you within these limits.
What can I do now

Contributions

Please tell us about any additional contributions you make. The sliders are limited by your maximum available contribution.

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Investment mix

See how your investment choice can affect your retirement income.

Part time work

Are you planning to work part time

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Transition to retirement

A transition to retirement strategy allows you to draw money from your super while you continue to work. You can top up your super by contributing some or all of your salary providing a tax-effective way of saving for retirement. We'll do these calculations for you to give you an idea of how much you could save. Learn more

Age pension

Help us calculate your age pension eligibility. Your age pension payments are automatically included in your retirement income

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Spouse

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Your spouse's details

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Your spouse contributes

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What can I do now?

If you're new to Suncorp, you can find out more about our becoming a member by visiting our website or calling us on 13 11 55.

If you're already a member, there are many ways you can grow your super before you retire.

Alternatively you may just like to print a copy of your results and come back at a later date to see if your are still on course for the retirement lifestyle you want.

Not a Suncorp member yet?

Explore Suncorp Super

Superannuation calculator assumptions

Disclaimer

This generic calculator is provided by Suncorp Corporate Services Pty Ltd ABN 69 074 966 466 under license from Gallagher Benefit Services Pty Ltd ABN 49 611 343 803 (Gallagher) who designed and owns the calculator. Suncorp Corporate Services Pty Ltd is part of the Suncorp Group of companies and is not a related body corporate of Gallagher.

Suncorp super products are issued by SPSL Limited ABN 61 063 427 958 AFSL 237905 RSE L0002059 (Trustee), trustee of the SPSL Master Trust ABN 98 350 952 022 RSE No R1056655. The Trustee is wholly owned by LGIAsuper Trustee as trustee for LGIAsuper (LGIAsuper), is not part of the Suncorp Group or a related body corporate of Gallagher. The Trustee uses the ‘Suncorp’ brand under licence. Suncorp Super products are not bank deposits or bank liabilities and are subject to investment risk, including loss of the interest and principal invested. The obligations of the Trustee aren't guaranteed by any company within the Suncorp Group or the LGIAsuper Group, nor do either Group guarantee the performance of Suncorp Super products.

 

Inflation
Average weekly ordinary time earnings (referred to in these assumptions as wage inflation) of 3.2% p.a. has been assumed. Target income is also assumed to increase at this rate, and future account balances are discounted to present values at this rate. This is intended to reflect both CPI increases and general standard-of-living increases. This has the effect of preserving an individual's relative standard of living.

 

Personal income
The user's salary is assumed to increase in line with wage inflation. In any future periods where the user has a period of part-time employment, their salary is reduced pro-rata.
Tax calculations allow for Personal Income Tax rates, the Medicare Levy, the Low Income Tax Offset and the Senior Australian Tax Offset. It does not take into account the Medicare surcharge or any HECS/HELP debt. Threshold and Offset amounts in the first year are based on current rates. Thereafter they are indexed in line with wage inflation.

 

Employer contributions
The user is assumed to receive superannuation guarantee contributions. The assumed rates of contribution are: 

Financial year  Rate
01/07/202210.50 %
01/07/2023  11.00 %
01/07/2024   11.50 %
01/07/2025 and onwards 12.00 %


Superannuation guarantee contributions are subject to the maximum super contribution base, which is $60,220 per quarter for 2022-2023. This threshold is indexed annually in line with average weekly ordinary time earnings (AWOTE).

 

Member contributions
Regular concessional (before tax) or non-concessional (after tax) contributions entered by the user are assumed to increase in each year in line with the user's salary. In any periods of part-time work, the user's contributions are assumed to decrease pro-rata. Concessional contributions are assumed to be spread evenly across the year.
The amount of a one-off non-concessional contribution entered by the user is assumed to be fixed, and is not indexed.

Concessional contributions up to the concessional contributions cap are generally taxed at 15% on contribution to the superannuation environment. Non-concessional contributions up to the non-concessional contributions cap are not subject to tax on contribution to the superannuation environment. Where a concessional or non-concessional contribution exceeds the corresponding legislated contribution limit, the contributions are subject to additional tax levied in the personal income tax environment.

For the 2022-2023 financial year the general concessional cap is $27,500.
Note, to the extent that the combined amount of your income and concessional contributions for a particular financial year exceeds $250,000, concessional contributions are assumed to be subject to tax at 30% on contribution to the superannuation environment.

For the 2022-2023 financial year the non-concessional cap is 4 times the general concessional cap, being $110,000. This can be increased by up to $330,000 under the 'bring-forward' rules.

The additional amount which can be contributed depends on your account balance and your age:
• If your balance is under $1.48m you are able to 'bring-forward' this and the next two years of contributions, and so can contribute $330,000.
• If your balance is between $1.48m and $1.59m you are able to 'bring-forward' this and the following year of contributions, and so can contribute $220,000.
• If your balance is between $1.59m and $1.7m (or if you are over 67 years old) you are not able to bring forward any future year’s contributions, your non-concessional contribution cap is equal to the annual cap of $110,000.
• If your balance is over $1.7m (or if you are 75 years old or older) your non-concessional contributions cap is $0.

The non-concessional cap under these 'bring-forward' arrangements also represents the total amount of eligible non-concessional contributions within the bring-forward period.
The calculator enables you to enter both regular annual non-concessional contributions and a one-off lump sum non-concessional contribution. If in any year the combination of these would exceed the relevant non-concessional contribution cap, the calculator will limit the contributions to the cap amount; if this occurs you will receive a message.
The concessional and non-concessional contribution limits are indexed in line with AWOTE.

 

Co-contribution
In each projection year, the user's eligibility for a Government co-contribution is assessed based on their salary (note, the calculator does not take into account any reportable fringe benefits that may affect your eligibility for a co-contribution) and non-concessional contributions. A co-contribution of up to $500 is made to the superannuation account if you make non-concessional contributions and your salary is below the lower income threshold and is pro-rated if your salary is between the lower income threshold and the upper income threshold.
The co-contribution income thresholds are indexed in accordance with wage inflation. For the current co-contribution income thresholds, visit the Australian Tax Office (ATO) at www.ato.gov.au/rates

 

Investment earnings
Based on the investment mix selected, the member's superannuation and pension accounts are assumed to earn anticipated investment returns of between 1.4% and 7.0% per annum (after investment fees and before tax). Earnings are not related to Suncorp superannuation products investment options. These investment options are used to provide a generic retirement simulation and is not specific to an investment in any Suncorp product. Past performance is not an indicator of future performance. Earnings in the superannuation account are assumed to be taxed at the relevant rate (based on the percentage of funds invested in shares, and allowing for dividend imputation and the capital gains tax concession if applicable). Earnings in the pension account are assumed to be tax-free. Investment earnings are assumed to be credited continuously to the fund.

 

Administration fees and insurance premiums
Fees and insurance premiums are assumed to be as follows:

Investment fee:0.10% - 0.50%
Administration fees:

0.50%
$6.50 per month
Advice fees:$0.00
Insurance premium:$214 (per annum)


Fees are assumed to be tax-deductible in the fund. Contribution fees are deducted at the time of contribution. Other fees and insurance premiums are deducted continuously.

Dollar fees and insurance premiums are assumed to increase in line with the assumed level of general wage inflation. Other fees are assumed to remain constant in percentage terms over the projection period.

From July 2019, the Protecting Your Super legislation introduced a 3% fee cap for super balances of less than $6,000. This is ignored for the purposes of this calculator.

These assumed fees and insurance premiums are not specific to any Suncorp product and will not be applied to any Suncorp superannuation product offering. We believe these to be reasonable as they fall in the mid-range of the market. However, it is important to note that each superannuation product has different fees. You can change the fee assumptions used in the Retirement Simulator if the fees you are paying are higher or lower.


Life expectancy
Life expectancies allow for future mortality improvements. They were derived based on the medium mortality rate assumptions in the Australian Bureau of Statistics in 'Population Projections, Australia, 2006 to 2101'.

 

Age pension
Current age pension thresholds and rates of payment are allowed for, based on the Single/Couple and Homeowner status of the user. If couple is selected it is assumed that your partner has the same income and assets as you. Thresholds and rates of payment are indexed in line with wage inflation. It is assumed you meet the qualification requirements for the age pension under the social security legislation.

The age pension is subject to an asset test and an income test. The user enters their Assets outside super which is used for the Age pension asset test. The projection assumes that in retirement funds are placed in an Account-based pension. The Age pension income test is therefore calculated on the basis of both: drawings from superannuation, less the Account-based pension deductible amount; and deemed income on Assets outside super. The Assets outside super and Additional income are assumed to increase each year at the same rate as the assumed wage inflation.

The Department of Human Services rate estimator lets you estimate your payment rate of age pension , based on your current or proposed circumstances. It does not work out if you will be eligible for a payment. To use the rate estimator go to humanservices.gov.au/estimators

 

Transfer balance cap
The transfer balance cap restricts the amount that can be transferred into an account-based pension. At 1 July 2022 the cap is $1.7m and will increase in $100,000 increments in line with price inflation. If at the time of retirement your projected account balance exceeds the (indexed) transfer balance cap, the maximum possible amount will be transferred into an account-based pension and any excess balance will be retained in an accumulation account.


Drawings
The drawings from superannuation in retirement are calculated as: Target income (which you are able to specify) less other income (which you are able to specify) less any age pension amounts (as calculated by the calculator).

Where the transfer balance cap is exceeded at the time of retirement, in retirement you will have both an accumulation account and a pension account. The minimum required amount will be drawn from the pension account and any further income required to attain your target income will be drawn from their accumulation account.

 

Minimum drawings
There are statutory minimum superannuation drawings in retirement (once funds have been converted to the pension phase). For the purpose of this projection, this minimum is ignored in the retirement phase. This is because if the minimum drawings were not required to be spent to meet your target income, they would still be available to you outside of the superannuation environment in, for example, a bank account.

 

Getting help
Online calculators are designed to let you explore your potential retirement income in more detail. They help to show you how you how you may be able to improve your retirement income. Don’t make any changes to your retirement savings arrangements based on this estimate. Before you make changes, you should get further information or advice.

 

Transition to Retirement (TTR)
Transition to retirement optimisation: This assumes that the user continues working, makes additional salary sacrifice contributions and draws a pension such that their net income remains constant. It calculates the contribution and drawing level which maximises the benefit within the superannuation environment.

Last updated 1 July 2022

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Lifetime/5.2.18r3
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