# Retirement Savings Calculator

The Retirement Savings Calculator provides an estimate of the amount of money you will save by the time you retire and the number of years these savings will last you in your retirement.
It incorporates superannuation contributions made by your employer from your salary and any additional contributions you make yourself.

If You've Already Retired
The Retirement Savings Calculator is a great tool even if you are no longer accumulating savings for retirement. It can tell you how long your current savings will last.

Step 1 - please provide required information
 Current retirement savings \$ years years % % % % \$

Enter "Your contribution" to your retirement savings and "Your employers contribution". "Your employers contribution" will default to the 2000 full year supperanuation guarantee rate of 8 percent of your annual salary capped at a \$100,960, however you can modify this amount. "Yearly retirement income required" is the amount you require to live on in retirement in present day dollars. The calculator will adjust this amount for inflation.

Step 2 - please enter yearly data
 For a detailed explanation click here. \$ \$ \$

## About the Retirement Savings Calculator

The retirement savings calculator provides an estimate of the amount of money you will save by the time you retire and the number of years these savings will last you in your retirement.
It incorporates superannuation contributions made by your employer from your salary and any additional contributions you make yourself.

If You've Already Retired
The Retirement Savings Calculator is a great tool even if you are past the point of accumulating savings for retirement. It can tell you how long your current savings will last. To use the tool to see how long your savings will last, set "Your age now" age and "Expected retirement age" to your present age, and put zeros into the following input boxes:
- Your employer's contribution
- Annual contribution increase
- Rate of return before retirement

Terminology
Current retirement savings - This amount includes the current total balance of any superannuation funds you have as well as any other amounts you have specifically put aside for your retirement.
Your age now - This is simply your current age, expressed in years.
Expected retirement age - This is your anticipated retirement age, typically 65 or 60. This indicates when your wealth accumulation stage finishes and your wealth depletion stage begins.
Expected annual contribution increase - This is the percentage increase in total retirement contributions for each year. Remember that this figure is applied to both your own increase in contributions and the amount contributed by your employer. This might arise because employer sponsored contributions rise as a percentage of your salary or because your salary rises over time. For example, if your total contributions are \$1000 in year one and you expect them to increase to \$1050 in year two, the expected annual contibution increase is 5 percent.
Expected rate of return before retirement - This is the rate of return you expect to earn on your retirement savings up until the year that you retire. This is applied to your own personal savings and investments, your employers contributions to superannuation as well as your own contributions to superannuation.
Expected rate of return after retirement - This is the rate of return you expect on your retirement savings after you stop working. Most people do not invest as aggressively after they retire, and therefore this figure is usually lower than the rate of return before retirement.
Expected annual inflation rate - This is the annual inflation rate that you expect from now on. The Reserve Bank of Australia uses a range of between 2 and 3 percent inflation as an ongoing goal. This figure impacts significantly on your future income requirements and you may want to use different inflation assumptions and see how they impact your calculations.
Current gross yearly salary - This is your total yearly income before tax from employment. It is used to calculate the approximate employer contribution made towards your superannuation. This figure is based on employer contributions of 9 percent but can be modified if your employer contributes at a different rate.
Your weekly/fortnightly/monthly/yearly contribution - The amount of money that you regularly contribute towards your retirement savings.
Your employer's weekly/fortnightly/monthly/yearly contribution - This is the amount of money that your employer regularly contributes towards your superannuation. The figure suggested is based on a contribution rate of 9 percent but can be changed if your employer contributes at a different rate.
Yearly retirement income required (current dollars) - This is the amount of income you require to live on during your retirement. This amount may be less than your current income as mortgage repayments may no longer be required, you may move to a less-expensive location or you may experience a reduction in your general living expenses. Express this figure in today's dollars and it will be adjusted for inflation in the calculations. The amount you need in retirement defaults to two thirds of your current annual salary, however you can modify this amount.
Amount saved upon retirement - This is the total of your retirement savings when you retire.
Cash needed at retirement - This is the amount of savings you will require to live on per period, when you retire. This amount has been adjusted for inflation.
Years of retirement provided - this is the number of years your savings should last you from when you retire.
Savings lasts until age - This is your age when your retirement savings are depleted.
Assumptions

Your employer's contribution to superannuation defaults to 9 percent of your salary.
The amount you need in retirement should be entered in present day dollars, it will be adjusted for inflation by the calculator.

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Monday Oct 22, 2018
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