Calculating your retirement savings: How much is enough?
One of the challenges with super is that your balance can feel like a number on a screen. Will this number be enough for the lifestyle you want in retirement and how do you know if you are on track?
Our calculators do the heavy lifting to help you see if you're on track and identify any gaps early. It’s one of the simplest and most effective ways to demystify your super.
Before you start, you’ll need to know your numbers...
When do you want to retire?
Some people have a clear plan for when they will retire. For others, it may be a long time until retirement, and answering this is harder. If you are unsure, planning for age 65 is common because that’s when you will have access to your super regardless of your working arrangements. It's a good place to start your planning and thinking.
What’s your current super balance?
Log in to your account and check how much you have. If you have more than one account, add the balances together. You may also want to consider consolidating your accounts as you could save on fees. However, you should consider the different fees and costs, amount of insurance cover offered and any other relevant information before deciding to consolidate your super.
How much do you earn before tax?
Take note here – some employers pay a base salary plus super, and some pay total remuneration which includes your super. You should be able to see details of your salary on pay slips or through your HR portal (depending on your employer).
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You’re ready to crunch some numbers!
Try our free Supermodeller calculator and follow the on-screen instructions to see where your super balance might land at retirement. The calculator also allows you to add other information such as extra contributions or details about your partner (if you have one).
Head to smartmonday.com.au/calculators to try it yourself.
The results will show your life expectancy and the age your super is estimated to run out. Are they near each other? If your super looks like it might not last long enough, you may consider:
Don’t forget to take your personal objectives, financial situation or needs into account before taking any action, and consider speaking with a smartCoach or financial adviser.
Unsure what to do with your results?
Our smartCoach team are here to answer your questions, and provide advice on your smartMonday superannuation account at no extra cost.
Our free super calculators help take the guesswork out of planning for retirement by turning that daunting, abstract balance into clear, actionable insights. Instead of seeing your super balance as a vague number, you can begin to see it as a tool that shapes your plans for your future.
Check out our other calculators at smartmonday.com.au/calculators
Any advice by smartMonday Solutions Limited is general advice under AFSL 482684 without considering your objectives, financial situation or needs. Before investing, you should read the relevant PDS and TMD issued by Equity Trustees Superannuation Limited, and the FSG available at smartmonday.com.au and consider if this product is right for you. Calculators rely on assumptions that if varied could change the result. It does not take into account the potential impact of taxes, fees and costs on your savings. Actual outcomes will be different if the assumptions don’t replicate your personal circumstances. Any intra-fund advice is provided by or on behalf of Future Group Financial Services Pty Ltd. Nov 2024.