The Retirement forecaster is designed to give you an estimate of:
You can also see the impact that changing things like your income goal, retirement age, contribution amounts or investment mix may have on the results.
Before using this tool, you should think about:
The Retirement forecaster is a financial model and, as such, cannot accurately predict your end super balance or the effects of drawing an income from your retirement savings.
You should not make any decisions on the information contained herein without first consulting with your licensed financial adviser.
Rotate your device to see the graphs
Please tell us about any additional contributions you make. The sliders are limited by your maximum available contribution.
See how your investment choice can affect your retirement income.
Are you planning to work part time
Help us calculate your age pension eligibility. Your age pension payments are automatically included in your retirement income
Now that you've completed our Retirement forecaster, you may want to take certain steps to help ensure you achieve the lifestyle you want.
This may include:
The Retirement forecaster is only intended to be a general illustration of your superannuation requirements based on specific assumptions and limitations. The Retirement forecaster is a financial model and, as such, cannot predict with any certainty your end super balance or the effects of withdrawing from your superannuation savings. This will depend on a range of matters including (but not limited to) changes to your personal circumstances (eg unexpected life events, any age pension you receive) and unpredictable external factors beyond your control such as changes to tax law, social security law, investment earnings and inflation.
While the Retirement forecaster provides a useful starting point, the information that it provides is not a substitute for professional advice from a qualified financial adviser and should not be relied upon as the basis upon which to alter your financial arrangements. We recommend that you seek professional assistance prior to making any decisions regarding your financial position, to determine if they are appropriate to your financial needs, circumstances and objectives.
NULIS Nominees (Australia) Limited does not accept any liability, direct or indirectly, arising from any person relying, either wholly or partially, upon any information provided by, resulting from, shown in, or omitted from, the Retirement forecaster. To the maximum extent permitted by law, NULIS Nominees (Australia) Limited will not be liable (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special loss or damage arising out of or in any way connected with by a user’s access to or use of this Retirement forecaster.
This Retirement forecaster is provided by NULIS Nominees (Australia) Limited, the Trustee of the MLC Super Fund.
NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 is part of the Insignia Financial Group of Companies, comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group).
MLC Super Fund ABN 70 732 426 024
This calculator is intended for illustrative purposes only. The information it contains is of a general nature only.
The results provided by the calculator are estimates only and are not guaranteed. Actual outcomes depend on uncertain factors such as salary increases, investment returns and relevant legislation. You should consider regularly updating the projections provided by the calculator.
The calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. In making any decisions about your superannuation or your retirement you should consider your own objectives, financial situation and needs. You should consider obtaining advice from a licensed financial adviser before making any decisions.
The projection allows for future wage inflation of 4.0% pa and future price inflation of 2.5% pa.
These assumed inflation rates and the approach to discounting are consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
You can change the assumed price and wage inflation rates in the 'Edit assumptions' section.
Results are expressed in today's dollars by discounting with wage inflation in the accumulation phase and price inflation in the pension phase.
Target income is also assumed to increase at this rate.
These assumed inflation rates and the approach to discounting are consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
You are able to enter your current salary on the initial 'About you' screen. Your salary is then assumed to increase in line with wage inflation. In any future periods where you enter a period of part-time employment, your salary is reduced pro-rata.
Tax calculations allow for Personal Income Tax rates, the Medicare Levy, the Low Income Tax Offset and the Senior Australian Tax Offset. Threshold and Offset amounts in the first year are based on current rates. Thereafter they are assumed to increase in line with wage inflation.
The calculator assumes that your employer makes superannuation guarantee contributions on your behalf.
Superannuation guarantee contribution rates are:
| Financial year | Rate |
|---|---|
| 01/07/2014 - 01/07/2020 | 9.50% |
| 01/07/2021 | 10.00% |
| 01/07/2022 | 10.50% |
| 01/07/2023 | 11.00% |
| 01/07/2024 | 11.50% |
| 01/07/2025 | 12.00% |
Superannuation guarantee contributions are subject to the maximum contribution base, which is currently $60,220 per quarter (for the 2022/23 financial year). This threshold is assumed to increase in line with wage inflation.
The calculator enables you to enter regular voluntary concessional or non-concessional contributions. Voluntary contribution amounts are assumed to increase in each year in line with your salary. In any periods of part-time work, these contributions are assumed to decrease pro-rata.
The calculator also enables you to make a one off non-concessional contribution. The amount you enter as a one off contribution is assumed to be fixed, and is not indexed.
Concessional contributions up to $27,500 pa are taxed at 15%. Concessional contributions in excess of the contribution threshold are subject to additional tax. This is levied in the income tax environment, and so has no impact on the estimates in this calculator; however it would increase the amount of income tax you would have to pay.
High income earners (those who earn over $250,000 p.a.) are subject to additional tax on concessional contributions. These individuals will pay an additional 15% contributions tax on contributions relating to income above the $250,000 threshold. The calculator assumes that this additional tax is deducted from the superannuation balance; however there is also the option to pay this tax directly to the ATO.
Non-concessional contributions up to $110,000 pa are not taxed. You can increase this amount in any one year under the 'bring-forward' arrangements. The additional amount which can be contributed depends on your account balance and your age:
The calculator enables you to enter both regular annual non-concessional contributions and a one off lump sum non-concessional contribution. If in any year the combination of these would exceed the relevant non-concessional contribution cap, the calculator will limit the contributions to the cap amount; if this occurs you will receive a message.
The Concessional and Non-Concessional contribution thresholds are indexed in line with the assumed rate of wage inflation.
In each projection year, your eligibility for a Government Co-Contribution is assessed based on your salary and non-concessional contributions.
The Co-Contribution thresholds and maximum amount are indexed in line with wage inflation.
In each projection year, your eligibility for a Low Income Superannuation Tax Offset is assessed based on your salary and concessional contributions.
The LISTO income threshold and maximum benefit are indexed in line with wage inflation.
The default investment return and fee assumptions are:
| Pension phase return (before tax) | Accumulation phase return (after tax) | Investment fee (%pa) | |
|---|---|---|---|
| Cash | 2.70% | 2.30% | 0.05% |
| Conservative | 3.80% | 3.40% | 0.30% |
| Moderate | 4.40% | 4.05% | 0.40% |
| Balanced | 4.80% | 4.46% | 0.50% |
| Growth | 5.00% | 4.68% | 0.60% |
| High growth | 5.30% | 5.08% | 0.70% |
These are the default rates in the ASIC Moneysmart superannuation calculator.
Investment earnings in Accumulation and Transition to Retirement pension accounts are taxed. Investment earnings in post-retirement pension accounts are tax-free. The above returns are before the asset-based investment fee.
Note: If you choose to include your spouse’s details in the Retirement forecaster, your spouse is assumed to be invested in the same investment option as the primary user.
The default administration fees and insurance premiums are:
| Administration Fee (per annum) | $50 per annum |
| Asset-based Administration Fee | 0.60% pa of the account balance |
| Insurance premiums | $100 per annum |
These are the 'Medium fee level' rates in the ASIC Moneysmart superannuation calculator.
The dollar-based administration fee and the annual insurance premium are assumed to increase in line wage inflation.
If you enter a current age less than 67, the default retirement age is 67. If you enter a current age of 67 or older, the default retirement age is your age at your next birthday.
This approach is consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
The calculator provides an indicator of your life expectancy. The life expectancies allow for future mortality improvements. They were derived based on the medium mortality rate assumptions in the Australian Bureau of Statistics in 'Population Projections 2006-2101'.
Note: If you choose to include your spouse’s details in the Retirement forecaster, the life expectancy will continue to be based on the primary user’s life expectancy.
The calculator estimates your age pension entitlement.
The full rate of age pension and associated supplements are initially set to the current rates; detailed on https://www.humanservices.gov.au/individuals/services/centrelink/age-pension. The full rate of payment is indexed each year in line with wage inflation.
Age pension eligibility is subject to an asset test and an income test. Asset and income test thresholds are initially set to their current levels, and are indexed each year in line with price inflation.
The asset test is based on the accrued balance of superannuation assets and other assets.
Centrelink assess income for income test purposes in a number of ways. For example, any actual rent received on investment properties is included in assessable income. However interest or dividend income received on financial investments is not included directly. Rather 'deemed' income is calculated on financial investments and used for the age pension income test.
For the purpose of this calculator, this distinction is not made. Rather, deemed income is calculated on superannuation and all assets outside of superannuation, and age pension eligibility is calculated based on this deemed income.
The transfer balance cap restricts the amount that can be transferred into an account-based pension. At 1 July 2022 the cap is $1.7m and will increase in $100,000 increments in line with price inflation. If at the time of retirement your projected account balance exceeds the (indexed) transfer balance cap, the maximum possible amount will be transferred into an account-based pension and any excess balance will be retained in an accumulation account.
The drawings from superannuation in retirement are calculated as: Target income (which you are able to specify) less other income (which you are able to specify) less any age pension amounts (as calculated by the calculator).
Where the transfer balance cap is exceeded at the time of retirement, in retirement you will have both an accumulation account and a pension account. The minimum required amount will be drawn from the pension account and any further income required to attain your target income will be drawn from their accumulation account.
There are statutory minimum superannuation drawings in both the transition to retirement (TTR) phase and in retirement (once funds have been converted to the pension phase). For the purpose of this projection, this minimum is effectively ignored in the TTR phase, on the basis that any excess drawings could be re-contributed as non-concessional contributions.
A number of assumptions in this calculator are prescribed by legislation. These assumptions include: superannuation guarantee contribution rates; the tax arrangements on superannuation contributions, investment earnings and drawings; co-contributions; age pension payment rates and thresholds; and income tax rates.
Where there is relevant legislation, the assumptions made in this calculator reflect current legislative arrangements. One uncertainty regarding future superannuation entitlement relates to possible future legislative changes.
Although some future changes in the legislation relating to superannuation are likely, it is not possible to know what these changes may be. Where there is relevant legislation, current legislative arrangements therefore represent the most reasonable basis for estimating future superannuation entitlement.
Updates to legislative assumptions are made as soon as practicable after such changes are announced. The calculator is based on legislative arrangements as of 31 March 2023.
This calculator attempts to include the most significant features of the superannuation environment, and to do so in an accurate manner. However a calculator such as this is not able to address all facets of superannuation. The most significant limitations are:
| The projected balance of your super at retirement is: | |
|---|---|
| Your estimated income at retirement could be: | |
| You are assumed to live until the age of: | |
| Your fund is projected to run out at age: |
| What you told us about you: | You | Spouse |
|---|---|---|
| Age | ||
| Gender | ||
| Income | ||
| Current balance | ||
| Before tax contributions | ||
| After tax contributions |
| Target income | |
|---|---|
| Retirement age |
| one off contribution | |
|---|---|
| Age to make one off contribution |
| Age to start part time work | |
|---|---|
| Number of days per week | days |
| For how long | years |
| Transition to retirement strategy | |
|---|---|
| Assets outside super | |
| Marital status | |
| Additional income | |
| Home owner | |
| Investment mix | |
| Gross Investment Return | |
| Fee Percentage On Balance | |
| Fee Percentage On Contributions | |
| Administration Fee | |
| Insurance Premium | |
| Wage inflation | |
| CPI inflation |
The Retirement forecaster is only intended to be a general illustration of your superannuation requirements based on specific assumptions and limitations. The Retirement forecaster is a financial model and, as such, cannot predict with any certainty your end super balance or the effects of withdrawing from your superannuation savings. This will depend on a range of matters including (but not limited to) changes to your personal circumstances (eg unexpected life events, any age pension you receive) and unpredictable external factors beyond your control such as changes to tax law, social security law, investment earnings and inflation.
While the Retirement forecaster provides a useful starting point, the information that it provides is not a substitute for professional advice from a qualified financial adviser and should not be relied upon as the basis upon which to alter your financial arrangements. We recommend that you seek professional assistance prior to making any decisions regarding your financial position, to determine if they are appropriate to your financial needs, circumstances and objectives.
NULIS Nominees (Australia) Limited does not accept any liability, direct or indirectly, arising from any person relying, either wholly or partially, upon any information provided by, resulting from, shown in, or omitted from, the Retirement forecaster. To the maximum extent permitted by law, NULIS Nominees (Australia) Limited will not be liable (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special loss or damage arising out of or in any way connected with by a user’s access to or use of this Retirement forecaster.
This Retirement forecaster is provided by NULIS Nominees (Australia) Limited, the Trustee of the MLC Super Fund.
NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 is part of the Insignia Financial Group of Companies, comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group).
MLC Super Fund ABN 70 732 426 024
This calculator is intended for illustrative purposes only. The information it contains is of a general nature only.
The results provided by the calculator are estimates only and are not guaranteed. Actual outcomes depend on uncertain factors such as salary increases, investment returns and relevant legislation. You should consider regularly updating the projections provided by the calculator.
The calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. In making any decisions about your superannuation or your retirement you should consider your own objectives, financial situation and needs. You should consider obtaining advice from a licensed financial adviser before making any decisions.
The projection allows for future wage inflation of 4.0% pa and future price inflation of 2.5% pa.
These assumed inflation rates and the approach to discounting are consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
You can change the assumed price and wage inflation rates in the 'Edit assumptions' section.
Results are expressed in today's dollars by discounting with wage inflation in the accumulation phase and price inflation in the pension phase.
Target income is also assumed to increase at this rate.
These assumed inflation rates and the approach to discounting are consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
You are able to enter your current salary on the initial 'About you' screen. Your salary is then assumed to increase in line with wage inflation. In any future periods where you enter a period of part-time employment, your salary is reduced pro-rata.
Tax calculations allow for Personal Income Tax rates, the Medicare Levy, the Low Income Tax Offset and the Senior Australian Tax Offset. Threshold and Offset amounts in the first year are based on current rates. Thereafter they are assumed to increase in line with wage inflation.
The calculator assumes that your employer makes superannuation guarantee contributions on your behalf.
Superannuation guarantee contribution rates are:
| Financial year | Rate |
|---|---|
| 01/07/2014 - 01/07/2020 | 9.50% |
| 01/07/2021 | 10.00% |
| 01/07/2022 | 10.50% |
| 01/07/2023 | 11.00% |
| 01/07/2024 | 11.50% |
| 01/07/2025 | 12.00% |
Superannuation guarantee contributions are subject to the maximum contribution base, which is currently $60,220 per quarter (for the 2022/23 financial year). This threshold is assumed to increase in line with wage inflation.
The calculator enables you to enter regular voluntary concessional or non-concessional contributions. Voluntary contribution amounts are assumed to increase in each year in line with your salary. In any periods of part-time work, these contributions are assumed to decrease pro-rata.
The calculator also enables you to make a one off non-concessional contribution. The amount you enter as a one off contribution is assumed to be fixed, and is not indexed.
Concessional contributions up to $27,500 pa are taxed at 15%. Concessional contributions in excess of the contribution threshold are subject to additional tax. This is levied in the income tax environment, and so has no impact on the estimates in this calculator; however it would increase the amount of income tax you would have to pay.
High income earners (those who earn over $250,000 p.a.) are subject to additional tax on concessional contributions. These individuals will pay an additional 15% contributions tax on contributions relating to income above the $250,000 threshold. The calculator assumes that this additional tax is deducted from the superannuation balance; however there is also the option to pay this tax directly to the ATO.
Non-concessional contributions up to $110,000 pa are not taxed. You can increase this amount in any one year under the 'bring-forward' arrangements. The additional amount which can be contributed depends on your account balance and your age:
The calculator enables you to enter both regular annual non-concessional contributions and a one off lump sum non-concessional contribution. If in any year the combination of these would exceed the relevant non-concessional contribution cap, the calculator will limit the contributions to the cap amount; if this occurs you will receive a message.
The Concessional and Non-Concessional contribution thresholds are indexed in line with the assumed rate of wage inflation.
In each projection year, your eligibility for a Government Co-Contribution is assessed based on your salary and non-concessional contributions.
The Co-Contribution thresholds and maximum amount are indexed in line with wage inflation.
In each projection year, your eligibility for a Low Income Superannuation Tax Offset is assessed based on your salary and concessional contributions.
The LISTO income threshold and maximum benefit are indexed in line with wage inflation.
The default investment return and fee assumptions are:
| Pension phase return (before tax) | Accumulation phase return (after tax) | Investment fee (%pa) | |
|---|---|---|---|
| Cash | 2.70% | 2.30% | 0.05% |
| Conservative | 3.80% | 3.40% | 0.30% |
| Moderate | 4.40% | 4.05% | 0.40% |
| Balanced | 4.80% | 4.46% | 0.50% |
| Growth | 5.00% | 4.68% | 0.60% |
| High growth | 5.30% | 5.08% | 0.70% |
These are the default rates in the ASIC Moneysmart superannuation calculator.
Investment earnings in Accumulation and Transition to Retirement pension accounts are taxed. Investment earnings in post-retirement pension accounts are tax-free. The above returns are before the asset-based investment fee.
Note: If you choose to include your spouse’s details in the Retirement forecaster, your spouse is assumed to be invested in the same investment option as the primary user.
The default administration fees and insurance premiums are:
| Administration Fee (per annum) | $50 per annum |
| Asset-based Administration Fee | 0.60% pa of the account balance |
| Insurance premiums | $100 per annum |
These are the 'Medium fee level' rates in the ASIC Moneysmart superannuation calculator.
The dollar-based administration fee and the annual insurance premium are assumed to increase in line wage inflation.
If you enter a current age less than 67, the default retirement age is 67. If you enter a current age of 67 or older, the default retirement age is your age at your next birthday.
This approach is consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
The calculator provides an indicator of your life expectancy. The life expectancies allow for future mortality improvements. They were derived based on the medium mortality rate assumptions in the Australian Bureau of Statistics in 'Population Projections 2006-2101'.
Note: If you choose to include your spouse’s details in the Retirement forecaster, the life expectancy will continue to be based on the primary user’s life expectancy.
The calculator estimates your age pension entitlement.
The full rate of age pension and associated supplements are initially set to the current rates; detailed on https://www.humanservices.gov.au/individuals/services/centrelink/age-pension. The full rate of payment is indexed each year in line with wage inflation.
Age pension eligibility is subject to an asset test and an income test. Asset and income test thresholds are initially set to their current levels, and are indexed each year in line with price inflation.
The asset test is based on the accrued balance of superannuation assets and other assets.
Centrelink assess income for income test purposes in a number of ways. For example, any actual rent received on investment properties is included in assessable income. However interest or dividend income received on financial investments is not included directly. Rather 'deemed' income is calculated on financial investments and used for the age pension income test.
For the purpose of this calculator, this distinction is not made. Rather, deemed income is calculated on superannuation and all assets outside of superannuation, and age pension eligibility is calculated based on this deemed income.
The transfer balance cap restricts the amount that can be transferred into an account-based pension. At 1 July 2022 the cap is $1.7m and will increase in $100,000 increments in line with price inflation. If at the time of retirement your projected account balance exceeds the (indexed) transfer balance cap, the maximum possible amount will be transferred into an account-based pension and any excess balance will be retained in an accumulation account.
The drawings from superannuation in retirement are calculated as: Target income (which you are able to specify) less other income (which you are able to specify) less any age pension amounts (as calculated by the calculator).
Where the transfer balance cap is exceeded at the time of retirement, in retirement you will have both an accumulation account and a pension account. The minimum required amount will be drawn from the pension account and any further income required to attain your target income will be drawn from their accumulation account.
There are statutory minimum superannuation drawings in both the transition to retirement (TTR) phase and in retirement (once funds have been converted to the pension phase). For the purpose of this projection, this minimum is effectively ignored in the TTR phase, on the basis that any excess drawings could be re-contributed as non-concessional contributions.
A number of assumptions in this calculator are prescribed by legislation. These assumptions include: superannuation guarantee contribution rates; the tax arrangements on superannuation contributions, investment earnings and drawings; co-contributions; age pension payment rates and thresholds; and income tax rates.
Where there is relevant legislation, the assumptions made in this calculator reflect current legislative arrangements. One uncertainty regarding future superannuation entitlement relates to possible future legislative changes.
Although some future changes in the legislation relating to superannuation are likely, it is not possible to know what these changes may be. Where there is relevant legislation, current legislative arrangements therefore represent the most reasonable basis for estimating future superannuation entitlement.
Updates to legislative assumptions are made as soon as practicable after such changes are announced. The calculator is based on legislative arrangements as of 31 March 2023.
This calculator attempts to include the most significant features of the superannuation environment, and to do so in an accurate manner. However a calculator such as this is not able to address all facets of superannuation. The most significant limitations are: