Retirement Income Calculator
Project your superannuation to retirement, then see the income it could pay you and how long it would last. Every figure is shown in today’s dollars, and every assumption can be changed. This is an estimate, not personal advice, and it does not include the Age Pension.
Estimated retirement income from age 67 to 92
$34,322 a year
This is a present value: $34,322 a year in today’s dollars, or about $2,860 a month. The actual dollar amounts paid in 27 years’ time would be larger, but would buy the same amount.
- Balance at age 67
- $561,260
- Income runs for
- 25 years
- Left at age 92
- $0
This calculator is not intended to be relied on for the purpose of making a decision about a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions.
Assumptions, and how to change them
Every assumption below is ours, not yours, and every one of them can be changed. Change any of them and the result updates immediately.
After investment fees and after tax on earnings.
After investment fees. Earnings in the retirement phase are tax free.
Defaults to 67. Cannot be earlier than your preservation age of 60.
Defaults to 92.
The Superannuation Guarantee minimum is 12%. Some employers pay more.
Percentage-based administration fee, charged each year.
In today's dollars. Rises with inflation.
$599 a year by default, Moneysmart's assumption. Premiums vary widely with age, job and cover, so your statement has your real figure.
Used to convert amounts before retirement into today's dollars.
Used to convert amounts during retirement into today's dollars.
Why these assumptions are reasonable
- Investment returns. The returns offered for each investment option are the defaults published by ASIC’s Moneysmart superannuation calculator. They come from an independent actuarial review of APRA’s quarterly superannuation statistics and a long-term asset model, and they are stated after investment fees and after tax on earnings. Using the regulator’s own figures is the reason we treat them as reasonable, rather than picking a number that flatters the result.
- The return in retirement. We default it to the same figure as the return before retirement. That is deliberately conservative: earnings in the retirement phase are tax free, so the real figure is higher. We do not adjust it upwards because the published returns do not disclose how much of the deduction is fees and how much is tax, and inventing that split would be a made-up number. The effect is that this calculator understates rather than overstates how long your money lasts.
- Fees. The default of 0.11% of your balance plus $59 a year is the administration fee basis Moneysmart publishes. Investment fees are not added on top because they are already deducted from the returns above. Your own fund’s fees are on your annual statement and are usually the single assumption most worth correcting.
- Insurance. The default premium of $599 a year is the assumption used by ASIC’s Moneysmart superannuation calculator, based on APRA’s Quarterly Superannuation Product statistics as at March 2026. It is charged through each year until retirement and rises with wage inflation. Most members hold default cover through their fund, so leaving it out would overstate the balance. Setting it to $0 shows the result without insurance in super.
- Inflation. Wage inflation of 3.7% and price inflation of 2.5% are the rates set by ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 for converting future amounts into today’s dollars. The wage figure reflects the long-term forecast of nominal wage growth in the 2023 Intergenerational Report. The price figure is the midpoint of the Reserve Bank’s inflation target.
- Retirement age and drawdown period. Age 67 and drawing down to age 92 are the assumed retirement age and assumed drawdown period set by the same instrument. They are not a prediction about you, which is why you can change both.
Set by law (you cannot change these)
- Contributions tax of 15% is deducted from employer contributions and salary sacrifice before they reach your account.
- Minimum pension payments. Once you start drawing an account-based pension the law sets a minimum you must take each year, as a percentage of your balance on 1 July. It rises with age: under 65 4%, 65+ 5%, 75+ 6%, 80+ 7%, 85+ 9%, 90+ 11%, 95+ 14%. Where that minimum is more than the income you asked for, this calculator draws the minimum, because that is what would actually happen.
What this calculator does, and what it leaves out
It projects your superannuation balance to retirement, then converts that balance into a level income until the balance is gone. It is a model, not a forecast, and it is not personal advice. It takes no account of your goals, your other assets, your debts, your health or your tax position.
- The Age Pension is not included. This is the biggest single omission. Most Australians receive a full or part Age Pension in retirement, so your actual retirement income is likely to be materially higher than the figure shown, and your super is likely to last differently once pension payments are taken into account.
- Investment returns are assumed to be steady. Real returns vary year to year and can be negative. A market fall in the years just before or just after retirement hurts far more than the same fall earlier, and a smooth average cannot show that.
- Contribution caps are not applied. If your employer contributions plus salary sacrifice exceed the concessional contributions cap, extra tax applies that this calculator does not model. Division 293 tax, which adds 15% for high earners, is also not modelled.
- Division 296 tax is not applied. From 1 July 2026 an extra 15% tax applies to the share of super earnings linked to a total super balance above $3 million, and a further 10% to the share above $10 million. This calculator accepts balances up to $20 million but does not deduct that tax, so it overstates the result for very large balances.
- The low income super tax offset is not included. If your adjusted taxable income is $37,000 or less, the government refunds the contributions tax on your concessional contributions, up to $500 a year (rising to $810 for incomes up to $45,000 from 1 July 2027). This calculator deducts the full 15%, so it understates the balance for lower incomes.
- The maximum super contribution base is not applied. Employers do not have to pay the Superannuation Guarantee on earnings above this limit ($270,830 a year for 2026-27). For salaries above it, the default employer contribution overstates what an employer is required to pay.
- The transfer balance cap is not applied. There is a limit on how much can be moved into a tax-free retirement phase account. Large balances above that limit would be taxed differently from the way this calculator assumes.
- One account, one person. Multiple super accounts, a partner’s balance, defined benefit interests, insurance held outside super and any income other than salary are all outside the model.
- Salary is assumed continuous. Career breaks, part-time periods, redundancy and unemployment all reduce contributions and are not modelled unless you reduce the salary figure yourself.
Year by year
| Age | Opening | Contributions | Earnings | Fees | Pension paid | Closing | Closing (today’s $) |
|---|---|---|---|---|---|---|---|
| 40 | $120,000 | $10,200 | $7,611 | $796 | — | $137,015 | $132,127 |
| 41 | $137,015 | $10,577 | $8,660 | $839 | — | $155,414 | $144,521 |
| 42 | $155,414 | $10,969 | $9,793 | $885 | — | $175,291 | $157,189 |
| 43 | $175,291 | $11,375 | $11,017 | $933 | — | $196,750 | $170,137 |
| 44 | $196,750 | $11,795 | $12,338 | $984 | — | $219,900 | $183,371 |
| 45 | $219,900 | $12,232 | $13,763 | $1,038 | — | $244,857 | $196,898 |
| 46 | $244,857 | $12,684 | $15,298 | $1,095 | — | $271,745 | $210,722 |
| 47 | $271,745 | $13,154 | $16,952 | $1,155 | — | $300,696 | $224,853 |
| 48 | $300,696 | $13,640 | $18,732 | $1,218 | — | $331,850 | $239,295 |
| 49 | $331,850 | $14,145 | $20,646 | $1,285 | — | $365,356 | $254,056 |
| 50 | $365,356 | $14,669 | $22,705 | $1,356 | — | $401,374 | $269,143 |
| 51 | $401,374 | $15,211 | $24,918 | $1,431 | — | $440,072 | $284,563 |
| 52 | $440,072 | $15,774 | $27,294 | $1,510 | — | $481,630 | $300,324 |
| 53 | $481,630 | $16,358 | $29,846 | $1,594 | — | $526,240 | $316,433 |
| 54 | $526,240 | $16,963 | $32,585 | $1,682 | — | $574,105 | $332,897 |
| 55 | $574,105 | $17,591 | $35,522 | $1,776 | — | $625,442 | $349,725 |
| 56 | $625,442 | $18,241 | $38,672 | $1,875 | — | $680,482 | $366,925 |
| 57 | $680,482 | $18,916 | $42,049 | $1,979 | — | $739,468 | $384,505 |
| 58 | $739,468 | $19,616 | $45,667 | $2,090 | — | $802,662 | $402,472 |
| 59 | $802,662 | $20,342 | $49,543 | $2,206 | — | $870,340 | $420,837 |
| 60 | $870,340 | $21,095 | $53,693 | $2,330 | — | $942,798 | $439,607 |
| 61 | $942,798 | $21,875 | $58,135 | $2,460 | — | $1,020,348 | $458,792 |
| 62 | $1,020,348 | $22,685 | $62,888 | $2,598 | — | $1,103,323 | $478,400 |
| 63 | $1,103,323 | $23,524 | $67,974 | $2,744 | — | $1,192,076 | $498,441 |
| 64 | $1,192,076 | $24,394 | $73,413 | $2,898 | — | $1,286,985 | $518,925 |
| 65 | $1,286,985 | $25,297 | $79,228 | $3,062 | — | $1,388,449 | $539,861 |
| 66 | $1,388,449 | $26,233 | $85,444 | $3,234 | — | $1,496,891 | $561,260 |
| 67 | $1,496,891 | — | $88,514 | $1,754 | $91,537 | $1,492,114 | $545,823 |
| 68 | $1,492,114 | — | $88,152 | $1,751 | $93,826 | $1,484,690 | $529,861 |
| 69 | $1,484,690 | — | $87,628 | $1,746 | $96,171 | $1,474,401 | $513,355 |
| 70 | $1,474,401 | — | $86,927 | $1,737 | $98,575 | $1,461,016 | $496,287 |
| 71 | $1,461,016 | — | $86,035 | $1,725 | $101,040 | $1,444,285 | $478,638 |
| 72 | $1,444,285 | — | $84,937 | $1,710 | $103,566 | $1,423,947 | $460,388 |
| 73 | $1,423,947 | — | $83,617 | $1,690 | $106,155 | $1,399,719 | $441,517 |
| 74 | $1,399,719 | — | $82,058 | $1,667 | $108,809 | $1,371,302 | $422,003 |
| 75 | $1,371,302 | — | $80,242 | $1,639 | $111,529 | $1,338,376 | $401,825 |
| 76 | $1,338,376 | — | $78,148 | $1,606 | $114,317 | $1,300,601 | $380,960 |
| 77 | $1,300,601 | — | $75,757 | $1,568 | $117,175 | $1,257,614 | $359,384 |
| 78 | $1,257,614 | — | $73,045 | $1,524 | $120,105 | $1,209,031 | $337,074 |
| 79 | $1,209,031 | — | $69,990 | $1,474 | $123,107 | $1,154,440 | $314,004 |
| 80 | $1,154,440 | — | $66,566 | $1,417 | $126,185 | $1,093,403 | $290,148 |
| 81 | $1,093,403 | — | $62,746 | $1,354 | $129,340 | $1,025,455 | $265,480 |
| 82 | $1,025,455 | — | $58,502 | $1,283 | $132,573 | $950,102 | $239,973 |
| 83 | $950,102 | — | $53,805 | $1,204 | $135,887 | $866,815 | $213,597 |
| 84 | $866,815 | — | $48,620 | $1,116 | $139,285 | $775,034 | $186,322 |
| 85 | $775,034 | — | $42,915 | $1,019 | $142,767 | $674,163 | $158,119 |
| 86 | $674,163 | — | $36,653 | $913 | $146,336 | $563,568 | $128,956 |
| 87 | $563,568 | — | $29,795 | $795 | $149,994 | $442,573 | $98,800 |
| 88 | $442,573 | — | $22,300 | $667 | $153,744 | $310,462 | $67,617 |
| 89 | $310,462 | — | $14,124 | $526 | $157,588 | $166,472 | $35,373 |
| 90 | $166,472 | — | $5,220 | $372 | $161,527 | $9,793 | $2,030 |
| 91 | $9,793 | — | $290 | $290 | $9,793 | $0 | $0 |
Amounts are in the dollars of each year, except the last column which is in today’s dollars. An asterisk marks a year where the statutory minimum pension payment was more than the income requested.
Provided under the licensing relief in ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603. Estimates only, and not personal advice. CompareThat does not recommend any superannuation fund. The licensing statement in the footer sets out the authorisation under which the rest of this website is published.
How we calculate this
The formula
- C
- contributions for the year, after the 15% contributions tax
- E
- investment earnings, already net of investment fees and of tax on earnings, with contributions and fees given half a year of exposure because they accrue through the year
- F
- fees and insurance premiums for the year
- a
- the number of years between today and retirement
- b
- the number of years after retirement
- r
- wage inflation, the deflator that applies before retirement
- s
- price inflation (CPI), the deflator that applies after retirement
We then apply:
- C = (salary × employer rate + salary sacrifice) × (1 − 15% contributions tax)
- E = (Opening balance + half of C, less half the flat fee and premium) × net return
- F = the percentage admin fee + the flat admin fee + the insurance premium (until retirement)
- Today’s dollars equals the future amount divided by one plus r, to the power a, times one plus s, to the power b
What we assume
- Every figure is in today’s dollars. A projected balance decades away is meaningless in the dollars of that year, so each amount is deflated back to what it would buy today. Amounts before retirement are deflated by wage inflation, and amounts in retirement by both wage inflation and CPI. This is the present value method set by ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
- Salary, contributions and fees are indexed. Salary and salary sacrifice grow with wage inflation, and the flat administration fee and the insurance premium are held constant in today’s dollars, so they all keep their real value across the projection. The premium stops at retirement.
- Insurance premiums default to $599 a year. This is the default premium in ASIC’s Moneysmart superannuation calculator, based on APRA’s Quarterly Superannuation Product statistics as at March 2026, charged through the year until retirement. Premiums vary widely with age, occupation and cover. Setting the premium to $0 shows the result without insurance in super.
- Returns are steady, and already net of fees and tax. The return for each investment option is the figure ASIC’s Moneysmart calculator publishes, stated after investment fees and after tax on earnings. Real returns vary year to year and can be negative, and a fall near retirement hurts far more than the same fall early on.
- The income drawn is level in today’s dollars. The calculator solves for the income that draws the account to zero exactly at the end of the drawdown period, then holds that income constant in real terms. Where the statutory minimum pension payment is larger in a given year, the minimum is drawn instead, because that is what the law requires.
- The Age Pension is not included. This is the largest single omission. Most Australians receive a full or part Age Pension, so a real retirement income is usually materially higher than the figure shown here.
- Contribution caps and the transfer balance cap are not applied. Nor are Division 293 tax for high earners, Division 296 tax on earnings linked to total super balances above $3 million (from 1 July 2026), the low income super tax offset, or the maximum super contribution base that limits compulsory employer contributions. The full list of what the model leaves out is set out under the calculator.
A worked example
Someone aged 40 with $120,000 in super, earning $100,000 a year, receiving the 12% employer contribution, invested in a balanced option returning 6.10% a year after investment fees and tax on earnings.
- Work out the first year’s contributions$100,000 × 12%, less 15% contributions taxC = $10,200
- Work out the first year’s earnings($120,000 + half the contributions, less half the flat fee and premium) × 6.10%E = $7,611
- Take off the fees0.11% of the balance plus half the year’s contributions, then $59 flat and a $599 insurance premiumF = $796
- Carry the closing balance into the next year$120,000 + $10,200 + $7,611 − $796$137,015
- Repeat to the assumed retirement age of 6727 years, with salary and fees indexed each year$1,496,891 at retirement, in the dollars of that year
- Convert that to today’s dollars$1,496,891 divided by one plus 0.037, to the power 27$561,260 in today’s dollars
- Find the level income that lasts to age 92draw down over 25 years at 6.10%, taking the statutory minimum in any year where it is higher$34,322 a year in today’s dollars
Figures above are rounded for reading, so a line can differ by a dollar from the exact arithmetic. The calculator itself works to full precision.
That balance supports about $34,322 a year ($2,860 a month) in today’s dollars from age 67 to age 92, before any Age Pension. It is an estimate produced by a model, not personal advice, and not a promise about your own super.