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Retirement calculator

The easy way to estimate what you’ll spend in retirement

This calculator helps you work out how much income you will need in retirement. Or, to estimate how much super you will have, try our super calculator.

How much super will you need to retire?

We can help you figure out how much you will need to maintain your lifestyle in retirement.

Tell us about yourself

I'm a year old and
want to retire at
Required fields
Did you know that most people your age will retire at 67.
Did you know that most people your age will retire at 67.

We can help you figure out how much you will need to maintain your lifestyle in retirement.

What will your retirement look like?

I what income I will need when I retire
We can help you calculate the income you will need in retirement.
A comfortable retirement lifestyle budget* for a is 3,604 per

What kind of retirement do you want?

Calculate your own budget by adjusting your retirement needs below.

Swipe for more categories Swipe for more categories
Housing
Energy
Food
Clothing
Household goods
Health
Transport
Leisure
Communications

Housing expenses

Housing expenses

Building and contents insurance, council rates, water charges, home improvements, repairs and maintenance.

Select your housing budget

Housing budget

Your total weekly expenses are
$3,604

Energy expenses

Energy expenses

Electricity and gas.

Select your energy budget

Energy budget

Your total weekly expenses are
$3,604

Food expenses

Food expenses

Groceries and other fresh food

Select your food budget

Food budget

Your total weekly expenses are
$3,604

Clothing expenses

Clothing expenses

Clothing and footwear.

Select your clothing budget

Clothing budget

Your total weekly expenses are
$3,604

Household goods expenses

Household goods expenses

Cleaning and other supplies, cosmetic and personal care items, hairdressing, computer equipment, household appliances, miscellaneous.

Select your Household goods budget

Household goods budget

Your total weekly expenses are
$3,604

Health expenses

Health expenses

Health insurance, chemist, co-payment and out of pocket, vitamins and medicines.

Select your Health budget

Health budget

Your total weekly expenses are
$3,604

Transport expenses

Transport expenses

Car transport and running costs, public transport.

Select your transport budget

Transport budget

Your total weekly expenses are
$3,604

Leisure expenses

Leisure expenses

Restaurants, holidays, take away food, cinema, theatre, sport, alcohol, streaming services, club memberships.

Select your transport budget

Leisure budget

Your total weekly expenses are
$3,604

Communications expenses

Communications expenses

Mobile phone, home phone and internet.

Select your communications budget

Communications budget

Your total weekly expenses are
$3,604
Your total monthly expenses are     $3,604
Did you know your income in retirement is tax free so you many need less income than you think

During retirement do you think you’ll need to dip into your super for larger expenses?

I need extra cash for:
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Your retirement snapshot

Income needed when you retire:
$XX,XXX
This will last for:
XX years (to age 82 )
Additional expenses during retirement:
$XXX,XXX
Super balance needed at retirement:
$XXX,XXX

Am I on track to have $XX,XXX in super when I retire?

Try our super balance calculator

Need help planning your retirement?

Contact your fund today

Assumptions/DisclaimerCertain assumptions can be altered by the user

Disclaimer

Purpose and Assumptions

This calculator generates information illustrating how much money you could need in retirement and how this could be influenced by salary sacrifice or voluntary contributions. This is based on certain assumptions.

The assumptions used in this calculator are, in our opinion, reasonable for the purposes of working out the estimates. The assumptions are based on objective evidence on long-term net returns, fees, relevant economic forecasts and analysis on wages, prices and productivity.

With the exception of fixed statutory assumptions, you can alter investment return and inflation default assumptions to the extent that they can be reasonably expected to change. It should be noted that any change to the assumptions will apply for the whole of the calculation period. Any changes made to the default assumptions is likely to impact the final results. Over time small changes can have a significant impact on final results.

While we have made every effort to ensure these assumptions are reasonable, you should review them to match their own expectations/circumstances and not take them as the most appropriate assumption in all cases.

Limitations

Your retirement outcome will be affected by many things including the amount of contributions you make, fees, investment returns and regulatory changes. Some factors that may affect your retirement outcomes may not have been taken into account.

This is a Model, not a Prediction

The tool is not intended to be relied upon for the purposes of making a financial decision. Consider a fund’s PDS and your objectives, financial situation and needs, which are not accounted for in this information before making an investment decision. You are responsible for your own investment decisions and should obtain specific, individual advice from a financial services licensee before making any financial decisions.

Assumptions

ASFA Assumptions

The figures provided are current as at the March quarter 2024 and are based on the ASFA Retirement Standard. The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years. It is updated annually to reflect inflation and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.

The figures assume that the retiree(s) own their own home outright and are relatively healthy.

The difference between the comfortable and modest retirement lifestyle budgets mainly relates to the extra items included in the comfortable budget. These include items such as being able to update the kitchen or bathroom at some stage, some wine, eating out from time to time, being able to entertain family or friends at home, private health insurance at the top rate, purchasing magazines and CDs, an economy overseas holiday and being able to afford additional alcohol or purchase tobacco or make gifts.

Other Assumptions

  • The projected super balance needed at retirement is shown in today's dollars (present value), which means it is adjusted for an assumed annual inflation rate of 2.5% after you retire. You can adjust the inflation rate above to see the impact this will have on the required balance.
  • While ASFA updates their Modest and Comfortable living standard figures on a quarterly basis, in this calculator, figures are updated annually, with current figures from the "ASFA Retirement Standard March quarter 2024". This calculator has rounded up all figures to the nearest dollar.

Retirement Needs Calculator Q&As

  • Is this a calculator for how much I need to retire in Australia?

    Yes it is. The retirement calculator takes you through all the expenses that you're likely to encounter as a retiree in Australia. It then figures out the level of income you'll need to cover these, and estimates how much super you need to achieve that.

  • Does the calculator show how much I need to retire at 60?

    Yes. The calculator is set up so that you can choose your preferred retirement age at the outset - whether that's at 60, 70 or something else. If you are thinking of semi retirement at 60, with reduced hours and some income from your super, then try the transition to retirement calculator.

  • Does the calculator cover retirement for couples?

    Yes. If you don't know what income you'll need in retirement, the calculator takes you through the likely costs you'll encounter. Here, you can choose whether you're estimating for a single person or a couple. However, if your partner intends to retire a long time before or after you do, then it's a good idea to run the calculator twice to cover both phases of your life.

  • Is the calculator designed for super in Australia?

    Yes it is. Australia has a very unique superannuation system, with its own rules, benefits, options and features. That's why the best retirement calculators for Australian retirees are those that are specifically designed around the Australian superannuation system, as well as the domestic costs of living, tax benefits, life-expectancy and way of life.

  • How to calculate retirement income?

    There are two popular ways to calculate retirement income. The first is quite generic and suggests withdrawing a percentage - often 4% - of your super and investments in the first year and adjusting for inflation after that. The more tailored way uses calculators to estimate how much super you'll have, and how much you'll need.

    The second option is more sophisticated (but still easy to use) because the calculators take into account things such as limits on super balances and minimum annual withdrawals.

  • How do I calculate the retirement savings I'll need?

    To work out how much income and savings you will need to fund your retirement is to use specific retirement calculators. Another option is to use the more generic method of estimating your preferred annual income and working back from there. For example, divide $60,000 p.a by 4% and you'll need $1.5m in savings.

    Naturally, a retirement needs calculator and a super balance calculator require a little bit more input, but they're also designed to take into account the specifics of Australian superannuation, costs of living, life expectancy, the age pension, and tax benefits, and provide a more tailored answer.

  • Thinking of moving for retirement?

    Where you choose to live in retirement can make a big difference to your overall expenses. This is primarily because of the cost of buying a new home differs between states. For example, NSW has the highest property prices, followed by Vic and Qld - especially in Sydney, Melbourne and south-eastern Queensland.

Need help planning your retirement?

Contact your fund today

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