Superannuation Calculator Australia
Estimate what your super could be worth when you retire. Add your employer's super guarantee, any extra contributions, pay rises and investment returns, and see the income your balance could give you, in today's dollars.
Estimate only. It assumes a steady return, pay rise and contribution rate, and doesn't include the Age Pension, insurance premiums, contribution caps or your personal tax. The income figure spreads your balance evenly until the age you choose. Check your fund's own calculator and speak to a licensed adviser.
Year-by-year super projection
| Age | Salary | Contributions (after tax) | Earnings | Balance | Today's dollars |
|---|
How this superannuation calculator works
Super grows from three things working together: the contributions going in, the investment returns on them, and the years you leave it alone. Enter your age, the age you plan to retire, your salary and your current balance. The calculator adds your employer's super guarantee, any extra contributions you make and your expected pay rises, then grows everything at the investment return you choose.
The result is shown two ways. The first is the plain dollar balance you could have when you retire. The second is what that balance is worth in today's dollars, which is the number worth paying attention to. Thirty or forty years of inflation shrinks what a large future figure can buy, so a $2 million balance in the future won't feel like $2 million today.
Example. You're 30, earn $90,000 and have $50,000 in super. Your employer pays 12% super, your pay rises 3% a year, and your fund returns 6.5% a year after fees and tax. By 67, your balance could be about $2.48 million. After inflation of 2.5% a year, that's worth about $996,000 in today's dollars. Of the total, your employer pays in about $715,000 and investment earnings add about $1.83 million.
How employer super works
Employers must pay the super guarantee (SG) into your fund on top of your salary. The rate is 12% of your ordinary time earnings. It's paid in addition to your wages, not taken out of them, though your employment contract may describe your pay as a package that includes super, so check how yours is written. There's also a limit on the amount of earnings that super is calculated on, which is indexed over time, so very high earners may not receive 12% on their whole salary.
Most contributions made by an employer, and any salary sacrifice you arrange, are taxed in the fund at 15%. Some higher-income earners pay extra tax on these contributions. The calculator takes the 15% off contributions before they go into your balance, and you can change the rate under the optional settings if your situation differs.
Adding extra to your super
You can put extra money in two ways. Salary sacrifice means you ask your employer to pay part of your pre-tax salary into super. It's taxed at 15% in the fund instead of at your marginal rate, which can be an advantage if your tax rate is higher. Personal deposits are made from money you've already paid tax on, so they go in without further contributions tax, and in some cases may be tax-deductible if you notify your fund. Both count toward annual contribution caps, which are indexed, so check the current limits on the ATO website. If your balance is under a certain amount, you may also be able to carry forward unused cap from earlier years.
The effect of $5,000 a year. Using the example above, adding $5,000 a year of salary sacrifice from age 30 to 67 adds about $625,000 to the final balance. You'd have contributed $185,000 before tax. Making the same $5,000 a year as after-tax personal deposits adds about $735,000, because none of it is lost to the 15% contributions tax, though you haven't had a tax saving up front either.
Low and middle income earners who make personal deposits may also be eligible for government super co-contributions. The income thresholds and amounts change, so check the ATO. Use the calculator to try your own extra amount and see the difference.
Returns, fees and your balance
The investment return you enter should be after fees and tax, because that's what your balance actually gets. Funds usually report their returns this way. Different investment options carry different levels of risk and return: a high-growth option is usually more volatile than a balanced or conservative one. Past returns don't guarantee future ones.
Small differences in the return, including those caused by fees, grow into large differences over a working life. In the example, a return of 5.5% instead of 6.5% (the kind of gap an extra 1% in fees would cause) lowers the balance at 67 from about $2.48 million to about $1.97 million, a drop of roughly $516,000. It's worth comparing your fund's fees and long-term performance against others, and checking whether you're paying for insurance cover you don't need.
Retiring earlier or later
When you stop work matters a great deal, because you stop contributing and start drawing down at the same time. In the same example:
| Retire at | Balance | In today's dollars | Yearly income to 90* |
|---|---|---|---|
| 62 | about $1.71 million | about $774,000 | about $38,000 |
| 65 | about $2.14 million | about $902,000 | about $49,000 |
| 67 | about $2.48 million | about $996,000 | about $57,000 |
| 70 | about $3.09 million | about $1.15 million | about $73,000 |
*In today's dollars, spreading the balance evenly to age 90, with 5% returns in retirement and 2.5% inflation.
Working five years longer, from 62 to 67, lifts the yearly income in this example by roughly half, and working to 70 nearly doubles it, because you add contributions, earn returns for longer and need the money to last fewer years.
When you can access your super
Super is preserved until you meet a condition of release. The most common one is reaching your preservation age, which is 60 for anyone born after 30 June 1964, and then retiring. At 65 you can generally access it whether or not you've stopped work. After 60, withdrawals from a taxed super fund are generally tax-free, but the rules depend on your circumstances, so check the details. The Age Pension has its own age requirement, currently 67, and it's means-tested, so your super and other assets can affect how much you receive. The calculator doesn't include the Age Pension, so your real retirement income may be higher than the figure shown if you qualify for part of it.
How much is enough?
There's no single answer, because it depends on whether you own your home, your health, and the lifestyle you want. The Association of Superannuation Funds of Australia (ASFA) publishes estimates of the yearly spending needed for a modest or comfortable retirement, which are updated regularly. They're a useful yardstick to compare with the income figure the calculator gives you. If the number looks short, try the levers above: contribute a little more, retire a bit later, or compare your fund's fees and investment option.
Easy ways to improve your super
If you've had several jobs, you may have more than one super account, and each charges fees. Consider combining them after checking whether you'd lose any insurance. Log in to your fund and make sure your employer is paying on time, and use the ATO's online service to find any lost or unclaimed super. Check which investment option you're in, because many people stay in the default for decades without ever reviewing it. And if you can, add a small regular amount early. As our compound interest calculator shows, time does most of the work.
If you're saving for goals outside super, such as a house deposit, try our savings calculator. For property as part of your retirement plan, see the investment property calculator.
Frequently asked questions
How much super will I have when I retire?
It depends on your salary, how long you work, the contributions going in and your fund's returns and fees. Enter your own details in the calculator to see an estimate, and test a lower return to be safe.
Does my employer pay super on top of my salary?
Generally yes. The super guarantee is paid in addition to your wages, at 12% of your ordinary time earnings. Check your contract in case your pay is described as a package that includes super.
Is it worth adding extra to super?
It can be, particularly if you start early, because contributions have more years to earn returns. Money in super is preserved until you meet a condition of release, so it's less flexible than savings. Weigh up the tax benefits against that.
Is super taxed?
Generally, contributions made by employers and salary sacrifice are taxed at 15% in the fund, and investment earnings are also taxed within the fund. Withdrawals after age 60 from a taxed fund are generally tax-free. Rules vary, so check the ATO or speak with an adviser.
When can I access my super?
Generally when you reach your preservation age and retire, or at 65 even if you're still working. Some early release is allowed in limited circumstances. Check the conditions with the ATO or your fund.
Does the calculator include the Age Pension?
No. The Age Pension is means-tested and the rules change, so it isn't included. If you qualify for a full or part pension, your retirement income could be higher than the figure shown.
How do fees affect my balance?
Fees reduce your return every year, and the effect compounds. In the example, a 1% lower return took roughly half a million dollars off the final balance. Compare fees and long-term performance when you choose a fund.
How accurate are the results?
They're estimates based on steady returns, pay rises and contribution rates, which won't match real life. Markets rise and fall, and rules, caps and tax can change, so treat the result as a guide and confirm the details with your fund.
This calculator provides general information only and isn't financial, tax or superannuation advice. It doesn't consider your personal circumstances, objectives or needs, and the results are estimates, not predictions or guarantees. Superannuation rules, contribution caps, tax rates and government payments change, so check the current position with the ATO and your fund. Speak with a licensed financial adviser before making decisions about your super.
More tools: interest calculator and investment property calculator.