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This tool does not take into consideration aged pension entitlements which may have a significant impact on your retirement outcome
This calculator works for accumulation funds only. It will not work for defined benefit funds.
This calculator does not allow self-employed people to project their retirement balance.
The outcome relies on the following fixed assumptions and settings which cannot be changed:
- Outcome is based on your contributions being made annually, at the mid-year point, on your fees being deducted annually, insurance premiums being charged annually and your investment returns being credited to your account annually
- We assume that your super is invested in a balanced option. Investment returns can be adjusted above.
- Superannuation Guarantee Contribution is currently 9.5% and then increases to 12% as per current legislation
- The LISTO applies from 1 July 2017
- Medicare applies
- Contribution tax of 15% is assumed
- No contribution fee payable
- No tax is payable on fees
- We assume that insurance premiums are tax deductible within super
- We assume that you have provided your Tax File Number to your superannuation fund
- All amounts are in today's dollars which means they are adjusted for inflation
- We assume that inflation is 3.2% each year due to the rising cost of living. You can adjust that rate above. Employer and voluntary contributions, fees and the concessional contribution cap increase with inflation.
- We assume that you will satisfy the Work test at older ages and so are able to contribute
- Life expectancy is based on The Australian Life Tables which are produced by the Australian Government Actuary
- We assume that you qualify for the Government co-contributions if you make after tax contributions and the total income used to determine if you qualify for any co-contributions is equal to your annual salary before tax and are below the income limit
- We assume that when you exceed the concessional contributions cap ($25,000 in 2019/20), you pay contributions tax according to your adjusted taxable income on any additional superannuation contributions
Warnings & disclaimers
Purpose and assumptions
This calculator generates information illustrating how early additional contributions to your superannuation could make a difference to your balance at retirement. This is based on certain assumptions.
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.
Outcome is based on your contributions being made annually, at the mid-year point, on your fees being deducted annually and your investment returns being credited to your account annually.
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.
Is your retirement on track? Energy Super has introduced a new app to help you contribute extra to your super. The Super Booster app helps you build your superannuation account balance by tracking your everyday spend. The idea is that you save a little bit every time you spend. Find out more about Super Booster.