Use our free Australian retirement calculator to plan your retirement savings. Our retirement calculator with inflation calculates how much you need to save, projected retirement income, and savings gaps for your Australian retirement.
Calculate how much you need to save for retirement and estimate your retirement income. Plan your financial future with confidence.
A common rule of thumb is to save 10-15% of your income, but this varies based on your age, income, and retirement goals. Use this calculator to determine your specific needs based on your desired retirement lifestyle. Consider factors like your current age, expected retirement age, desired income, and other sources of retirement income.
The 4% rule suggests withdrawing 4% of your retirement savings in the first year, then adjusting for inflation. This is designed to make your savings last 30 years, though market conditions may require adjustments. However, this rule assumes a 30-year retirement and may not be suitable for everyone. Consider your specific circumstances and consult with a financial advisor.
Start as early as possible! Even small amounts saved in your 20s can grow significantly due to compound interest. If you're starting later, you may need to save more aggressively to catch up. The key is to start now, regardless of your age, and increase contributions as your income grows.
Generally, pay off high-interest debt first, but don't completely stop retirement savings. At minimum, ensure you receive your full employer 12% SG, then focus on debt payoff, then increase retirement contributions. The exact strategy depends on your debt interest rates, employer matching, and personal risk tolerance.
Inflation reduces the purchasing power of your money over time. When planning for retirement, consider that your expenses will likely increase by 2-3% annually. This means you'll need more money in the future to maintain the same lifestyle. Factor inflation into both your savings growth and your retirement income needs.
Concessional (pre-tax) contributions – like salary sacrifice or employer SG – are taxed at 15% inside super, which is lower than most marginal tax rates. Non-concessional (after-tax) contributions are made from income you've already paid tax on and are not taxed inside super. The right mix depends on your income, age, and retirement goals. The annual concessional cap is $30,000 for 2025-26.
The Age Pension is means-tested and available from age 67. For 2025-26, the maximum full Age Pension is approximately $27,000 per year for a single person. Your entitlement depends on your income and assets. Check your eligibility and estimated payment at the Services Australia website (servicesaustralia.gov.au).
If you're behind on retirement savings, consider these strategies: increase your contribution rate via salary sacrifice, work longer, reduce planned retirement expenses, or consider a side business. The key is to start making changes now rather than waiting. Even small increases in contributions can make a significant difference over time.
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