Calculating your super: which tools are best
May 5, 2023 | 4 min read
Summary: We discuss some of tools you can use to review your super, including how they could support you in planning your retirement.
Key takeaways
- Super calculators can help determine how much you'll have saved by retirement by evaluating your current super contributions and what you intend to contribute over time
- Retirement income calculators can help you estimate how much income you’ll have in retirement based on your current super balance and expected investment returns
- Investment calculators can help determine the best investment strategy for your super, based on how comfortable you are with risk and your expected investment returns.
Super can make a significant difference to your quality of life in retirement. So, regularly reviewing your super is one of the best things you can do.
Fortunately, there are several tools that can help to make this process a lot easier. In this article, we discuss some of these, including how they could support you in planning your retirement.
Super calculators
Super calculators can assist in determining how much you'll have saved by retirement. They do this by evaluating your current super contributions and what you intend to contribute over time. They can also factor in variables such as investment returns, inflation, and fees.
Some of the best super calculators include:
- ASIC’S super calculator: allows you to input your current super balance, contributions and investment strategy to estimate your retirement savings
- SuperGuide’s retirement planner: similar to ASIC’s calculator, it allows you to input personal information to determine how much you’ll have to retire with
- Super fund calculators: many super funds provide calculators that are tailored to their super products. These are typically free to use.
Get personalised advice on your super with this calculator Start now
Retirement income calculators
Retirement income calculators can help you estimate how much income you’ll have in retirement based on your current super balance and expected investment returns. Some calculators however, do not include external factors such as inflation.
Estimating how much income you’ll receive can help you better plan your retirement and determine whether you need to save more or adjust your investment strategy.
There are many retirement income calculators available including those provided by financial institutions, super funds, and government agencies. Some of the these are:
- SuperGuide Retirement Planner: this calculator allows you to input your current super balance, expected investment returns, and retirement expenses to estimate your retirement income
- Super fund calculators: typically, free to use they allow you to determine your retirement income by inputting your personal information.
Find out how much super you may have in retirement with our calculator Start now
Investment calculators
Investment calculators can help determine the best investment strategy for your super, based on how comfortable you are with risk and your expected investment returns.
By comparing different investment options, you can choose the strategy that may help deliver your retirement goals.
There are many investment calculators available including:
- ASIC’s Moneysmart Investment Calculator: allows you to compare different investment options based on their expected returns, fees, and risk
- Vanguard Retirement Income Calculator: allows you to input your expected retirement age, income, and investment strategy to estimate your retirement income
- Super fund calculators: allows you to compare different investment options.
Budgeting tools
These can help you create a budget that reflects your current expenses as well your potential expenses in retirement.
Tracking your spending can also identify areas where you may be able to save money. These savings can then be added to your super to help boost your retirement income.
There are many budgeting tools available including apps, spreadsheets and websites. Some of the these include:
- ASIC’s MoneySmart Budget planner: allows you to input your income and expenses to create a budget that can help you increase your super contributions
- YNAB (You Need a Budget): this app is designed to help you create and stick to a budget. It allows you to track your spending, set savings goals and adjust your spending as needed.
Bottom line: these tools can provide valuable insights to help you plan your retirement. But don’t forget retirement planning is a long-term process which needs to be reviewed regularly. Consulting with a financial coach can help you create a retirement plan that aligns with your financial goals and risk.
*Based on KPMG Super Insights 2023 Report as at May 2023 KPMG Super Insights 2023 Report
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This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS 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’). The information in this article is current as at November 2023 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.
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