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Calculate how much super you need for retirement

Published 1 August 2017

Work out what you want for the future and use the calculator to check your progress, explains Anna Kennedy.

How much is enough for retirement?

Will you have enough money in your superannuation to pay for the life you want in retirement? Many of us don’t know. According to The Association of Superannuation Funds of Australia (ASFA), 50 per cent of people don’t know how much super they'll need for retirement.

So if like millions of others you can’t answer that question, it’s time you take a step back and ask: Do you know what kind of lifestyle you want in retirement? Do you know how much you need to pay for that life? And, do you know how much you have invested now?

For a couple, a yearly budget of $59,971 is recommended in retirement by ASFA for a comfortable standard of living; for a single person that is $43,665 for those around 65 years of age.

Using a retirement calculator can help get your head around:

  • how much you’ll want/need in retirement
  • a projection of how much you'll have
  • the impact increasing your contributions will have on your balance.

ANZ Smart Choice Super members can access the ANZ retirement calculator by logging in to your Smart Choice Super account via ANZ Internet Banking. For those without access to their account online, call us on 13 12 87 and we can help. Alternatively, you can use MoneySmart’s retirement planner

ASFA Chief, Martin Fahy says ASFA projections show that "those reaching the comfortable standard will increase from about 20 to 40 per cent of Australians by 2040," but that’s a long way off. For most of us to make sure we’ll be comfortable, we need to thoughtfully monitor our super savings and take action to keep them on track. That’s where our calculator comes in.

Using an online calculator, you can estimate:

  • your retirement age
  • whether you want a ‘modest’ or ‘comfortable’ post-work standard of living
  • what extra super contributions you make via salary sacrifice
  • what level of risk you’ll accept in your investment.

Regarding your investment choice, ANZ Smart Choice Super members are usually entered into a lifestage fund according to their decade of birth. But you’re not locked into that. Most retirement calculators have the option to see what impact changing your investment category will have on your balance. (Members can adjust their account by nominating to move from a ‘lifestage fund’ to ‘choose-your-own investments’ at any time.)

Log in to your account today and have a play around to see where you currently stand, and what actions you can take to help reach your goals.

For those without access to their account online, call us today on 13 12 87 and we can help.

All case studies are hypothetical and are not meant to illustrate the circumstances of any particular individual. Taxation law is complex and this information is our interpretation of the law. It has been prepared as a guide only and does not represent tax advice. 

You should seek independent tax advice specific to your individual circumstances from a tax adviser or registered tax agent.  

Superannuation is a long-term investment and the rules and regulations governing it are subject to change. ANZ recommends that you keep informed of the changes to superannuation and any potential impact any changes may have. 

The calculator is not intended to provide personal financial advice and is not a recommendation to purchase or vary an interest in a financial product. Before making any investment decisions, you should consider whether a product is appropriate for you and read the relevant Product Disclosure Statement. 

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Taxation law is complex and this information has been prepared as a guide only and does not represent tax advice. Please see your tax adviser for independent taxation advice.

The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

The information provided is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances or objectives. The case studies used in this article are hypothetical and are not meant to illustrate the circumstances of any particular individual. Opinions expressed in this document are those of the authors only.

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