Hitting the Target calculator
Your personalised retirement income estimate
An important part of planning for retirement is understanding how much income you might need. A common measure comes from ASFA, who provide a handy breakdown of how much super you might need to save for retirement.
But retirement is different for everyone, and the amount of income you might need will differ based on your desired lifestyle. Our Hitting the Target calculator is designed to help you understand what this might look like for you.
Sources of income in retirement
It is common in Australia for retirees to draw upon a mix of income sources in retirement, such as:
- Superannuation: You could consider turning your super into a retirement income stream. to receive regular payments while keeping your money invested.
- Government Age Pension: You may be eligible depending on a range of factors.
- Other savings and investments: You may also have personal savings, property, or shares.
The mix of income sources will be different for everyone, but this calculator will help you understand how much income you might need in retirement, regardless of where it comes from.
Consider topping up your super
You can make a huge difference to your super balance and retirement income by making additional contributions to your super. Making additional super contributions means you may be able to reduce your tax whilst simultaneously growing your retirement savings.
Our Super contributions calculator can help you estimate the impact of additional contributions and understand potential tax savings.
Still have questions?
Retirement planning can be complex, but you don’t have to navigate it alone. We’re here to help you cut through the jargon and make confident decisions about your future.
We can support you with common questions like:
-
- Do I have enough to retire?
- What should I do with my super?
- How long will my super last once I retire?
Book a chat with a superannuation and retirement specialist for 1-on-1 support, at no additional cost.