Superannuation Calculator
Project the future value of your superannuation to see how your retirement savings will grow over time.
Quick Use Samples
Super Details
Retirement Projection
Contribution Breakdown
Key Insights
- • Investment returns: 378.7% of final balance
- • Annual employer contributions: $8,250
- • Monthly retirement income (4% rule): $2,326 in today's money
Boost Your Super
- • Consider salary sacrifice to super
- • Make voluntary after-tax contributions
- • Check if you're eligible for government co-contributions
- • Review your fund's performance and fees
Projected Super Balance
Retirement Lifestyle Indicator
Based on ASFA standards, your projected annual income of **$27,916** (in today's money) could afford a **Modest** lifestyle.
What-if Scenarios
If you contributed an extra **$100/month**, your final balance could be **$1,921,661**.
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What is Superannuation?
Superannuation, or 'super', is Australia's retirement savings system. It's a compulsory savings program where your employer contributes a percentage of your salary into a dedicated super fund. This money is invested on your behalf over your working life to provide you with an income in retirement.
Behind the Formula
The calculator projects the future value of your superannuation balance. It starts with your current balance and adds your future contributions (both employer and personal) each year. It then applies a compound investment return rate to the balance over your working life until your chosen retirement age. It also subtracts fees and insurance premiums to provide a more realistic estimate of your final retirement nest egg.
Expert Insights
- Your choice of investment option within your super fund is one of the biggest determinants of your final balance. A 'High Growth' option has more risk but historically delivers much higher returns over the long term than a 'Conservative' or 'Balanced' option.
- Small differences in fees can have a massive impact on your retirement balance. A fund charging 1.5% in fees per year can leave you with tens or even hundreds of thousands of dollars less in retirement compared to a low-cost fund charging 0.5%.
- It's crucial to consolidate your super accounts. If you've had multiple jobs, you might have multiple super accounts, each charging you fees and insurance premiums, which erodes your savings. The myGov portal makes it easy to find and consolidate your super.
Actionable Tips
- Consider making extra voluntary contributions to your super, either through pre-tax salary sacrifice or post-tax contributions. Even small additional amounts can grow significantly over time due to compounding.
- Review your superannuation statement at least once a year. Check your investment performance, the fees you're paying, and your insurance cover to ensure it still meets your needs.
- Use the ATO's YourSuper comparison tool to compare the performance and fees of different MySuper products. If your fund is underperforming, don't hesitate to switch to a better one.
Real-World Examples
The Power of Compounding
A 25-year-old who starts contributing just $50 a week extra to their super could have over $200,000 more at retirement compared to someone who only relies on their employer's contributions, thanks to decades of compound growth.
The Impact of Fees
Two people start with the same balance and make the same contributions. One is in a fund charging 1.5% fees, the other in a fund charging 0.5%. After 40 years, the person in the lower-fee fund could have a final balance that is over 20% higher.
Choosing an Investment Option
A young person switches their super from a 'Balanced' option to a 'High Growth' option. While their balance will be more volatile year-to-year, the higher average returns over 30-40 years are projected to lead to a substantially larger retirement nest egg.
Glossary of Terms
Compounding
The process of earning returns on not only your original investment, but also on the accumulated returns from previous periods. It's how your super grows exponentially over time.
Superannuation Guarantee (SG)
The compulsory contribution made by employers to their employees' superannuation funds, currently legislated at 11% of ordinary time earnings.
MySuper
A simple, low-cost superannuation product that is the default option for employees who do not choose their own super fund.