Variable assumptions

The outcome depends on the following assumptions (which you can adjust below):

• You will retire at age 65.
• Your employer will contribute 10% of your salary to superannuation. This will increase incrementally to 12% by 1 July 2025 as per current legislation.
• Investment returns are 4.66% for pre-retirement (net of tax, investment fees and indirect costs).
• Investment returns are 4.66% for post-retirement (net of investment fees and indirect costs. No investment tax is applicable in pension phase).
• Your salary increases by 2.5% per year.
• Inflation rate of 2.7% per year (CPI 2% and increase in living standards 0.7%).

Fixed assumptions

Your outcome relies on the following fixed assumptions:

• You are aged between 14 and 64
• You earn between $1,000 and $300,000 per year
• Your current super balance is between $0 and $1,700,000
• Your desired weekly retirement income is between $1 and $1,600
• You have just reached your current age.
• Contributions are made annually on 1 January.
• You do not make any personal contributions.
• Investment returns are credited to your account annually on 1 January.
• Your employer will contribute 10% of your salary to superannuation. This will increase incrementally to 12% by 1 July 2025 as per current legislation.
• You're eligible for the government low income super tax offset if your income is below the relevant threshold (but note that other eligibility criteria apply). 
• Contributions tax of 15% applies to all pre-tax contributions (30% if you earn over $250k each year).
• You have provided your Tax File Number to your superannuation provider, so no penalty tax applies.
• No tax is applied to benefit payments. If you make withdrawals or start a pension before you turn 60, you may have to pay some tax, depending on your circumstances.
• Once you reach retirement, benefits are paid annually on 1 January each year.
• No transaction fees apply. For information about the transaction fees charged by Statewide Super, see our “Fees and Costs Booklet”.
• Your life expectancy is consistent with the Australian Life Tables produced by the Australian Government Actuary.
• You do not hold insurance through your super. If you do hold insurance through your super, the insurance premiums will reduce your final balance.
• You have a continuous working life with no breaks, and you'll satisfy the work test until you retire.
• Returns are net of investment fees and indirect costs.
• Your superannuation will be drawn down via a series of regular payments (with no lump sum withdrawals)
• Asset-based administration fees are 0.11% of your account balance per annum pre-retirement (capped at $500 per annum) plus $91.
• Asset-based administration fees are 0.16% of your account balance per annum after retirement (capped at $750 per annum) plus $91.
• Fee caps for the asset-based administration fee ($500 for Super accounts, $750 for Pension accounts) are deducted directly from member accounts, rather than deducted from investment returns via the unit price calculation. This fee will be calculated daily and deducted at the end of each month or on earlier exit from the fund.
• Your projection includes Age Pension entitlements you may be eligible for. Be sure to check your pension eligibility requirements, as they are subject to change.
• These projections do not include the cap on administration and investment fees charged on superannuation accounts with balances of $6,000 or less at 3 per cent introduced as part of the Government’s Protecting Your Super package.
• The assumptions of our default indexation rate of 2.7% per annum (CPI 2% and increase in living standards 0.7%) and wages growth of 2.5% per year have been adopted in the context of continuing low price and wage inflation in Australia, with recent annual figures actually below these assumed rates.

Disclaimer

1. This calculator is provided by Statewide Superannuation Pty Ltd, ABN 62 008 099 223, AFSL 243171, the Trustee and RSE licensee of Statewide Superannuation Trust ABN 54 145 196 298 (Statewide Super).
2. The purpose of the calculator is to illustrate the impact that your choices may make on your retirement outcome. It cannot predict your final super balance or retirement income.
3. Your retirement outcome will be affected by many factors - including some that have not been taken into account by this calculator. Unfortunately, we simply don’t know what curve balls will be thrown your way in life.
4. The calculator is not a substitute for professional advice from a qualified financial adviser and is not intended to be relied on for the purpose of making a decision about a particular financial product. If you do rely on this calculator (which, again, we do not recommend), we do not accept any liability for you doing so. You should consider obtaining advice from an Australian Financial Services licensee before making any decisions.
5. The calculator has the following limitations:
   • It only works if you are contributing to an accumulation fund (and not a defined benefit fund).
   • It relies on the assumptions set out above. If these assumptions are not correct, the results displayed will also be incorrect.
6. Results are in today's dollars. This means that they are adjusted for inflation.
7. Investment returns are not guaranteed and all investments have risk (including the risk of negative returns).

Factual information and general advice may be provided by representatives of Statewide Super.

Statewide Super holds an Australian Financial Services Licence (AFSL) that allows it to provide both general and personal financial advice. For further information and a copy of the applicable Financial Services Guide, visit www.statewide.com.au or call 1300 65 18 65.