Many Australians will live up to a third of their lives in retirement. The decisions you make regarding your superannuation and other investments will determine how well you can live once you stop earning an income.
Here you will find access to a range of tools and resources that will help to answer some of the most common questions people planning for retirement have.
Understanding your annual income needs in retirement is an essential precondition to starting an account based pension, as this is one of the factors that helps to determine your drawdown approach.
ASIC's MoneySmart Budget Planner calculator takes about twenty minutes to complete and enables you to:
- Work out where your money is going.
- Create your own custom items.
- Save your results online (you will need to sign up to MoneySmart to save results).
- Simplify your budget by using the budget planner wizard.
Retirement income can come from many sources including income from super, investments outside super, part-time employment and the age pension.
ASIC’s MoneySmart Retirement Planner takes about five minutes to complete and helps you work out:
- What income you are likely to have from super and the age pension when you retire.
- How contributions, investment options, fees and retirement age are likely to affect your retirement income from super.
If you are less than two years away from retirement, or in retirement, ASIC’s MoneySmart Account Based Pension calculator helps you work out:
- How long your super pension is likely to last.
- How fees will affect your pension balance.
- How investment returns affect your pension balance.