Superannuation Calculator - anyone found one that works on the max allowable contribution?

I am struggling to work out how much super I will (possibly) have if I use my maximum allowable super until retirement.

Calculators I found, calculate your employer contribution and then a % or amount extra salary sacrifice, but this isn't accurate with the new maximum allowable contributions. As my salary increases, the less I can contribute each year before hitting the maximum 25k.

Can anyone point me in the direction of a super calculator that takes this into consideration?

 

Which calculator are you currently using?

The best I've found was on MoneySmart. But it has some limitations.

In the end I made my own in Excel. I'd share it, but it's integrated with my budget, PAYG tax and home loan calculators.

 

The moneysmart one is good

 

@Mogul - I use this one from Cbus

Picks up the sgc, your contributions (both taxed and untaxed), additional contributions as well as spouse contributions/balance.

 

The trouble with a lot of Australian calculators is they won't allow a retirement age prior to 60. I quite like the Ultimate retirement calculator from www.financialmentor.com

Best Retirement Calculator

Even though it's American it allows you to addin variables like lump sums from selling a property.

 

You are able to retire at whatever age that you like, this has been the case since the removal of the compulsory retirement age of 65 years ago.

You simply cannot access the aged pension until 67 or access your super until you meet the conditions for release (well before pensionable age).

If you're able to self-fund retirement though investment income (rent, dividends, interest, sale of business etc) before reaching 60, then look at super being a deferred tax free income stream that is accessible at 60.

 

All retirement calculators have been noted to over-calculate expected benefits as they assume linear growth and earnings rather than rise and fall.

The key problem is this...If the share market loses 25% then future growth must be 33.3% to just break even. So an assumed 5% annual growth requires a 25% loss to be met by a corresponding 40% rise within a year or capital depletion occurs. The 5% growth relies on capital stability.

The other concern with (say) 5% growth is that capital stable returns are under 2% and so enhanced risk MUST occur to achieve 5% exposing the retiree to the reinvestment problem in every instance.

 

Well aware of this! My point was that many online calculators do not allow for the possibility of early retirement!

 

The point is, they don't have to as you can't access the funds earlier than legislated. Consider this a deferred annuity kicking in at age 60.

You need your own calculator for the period between stopping work and accessing super.

I note that the cbus calculator allows you to pick a time when you cease work/contributing.

Play with the calculator to vary your age and time/age when you access funds.

 

Hi Paul.

I remember you mention abput 1 jul super changes which affect superannuation on public servants.

You mentioned the complication of those effect.
You also implied? that many public servants be burnt by the changes as they were not aware the effects of the changes.

If i was reading above correctly, could you further elaborate what you meant by it.

Kind Regards

 

Defined pensions dont have an account balance. The Govt has decided to use a standard multiple of 16 years x the annual pension to give an account balance for the $1.6m rule. This same method applies to a 60 year old and 99 year old receiving a pension. Its illogical and is contrary to life expectancy... to a pension that is based on life expectancy. It harms not just one taxpayer but the couple.

Stupid rule No 2 is that a person with a defined pension cannot choose which super they use for the $1.6m rule. The defined pension counts FIRST. I have several clients who are affected and this forces their SMSF to accumulation

The only practical outcome (Good Rule #1) is they can choose the CGT rollover relief to their SMSF assets and hopefully most affected people with a SMSF use it to hold things like property. That way they "bank" the CGT gain at 30 JUne (actually 29 June) as tax free.

This is a very good summary of the issues

Defined benefit pensions and the $1.6 million transfer balance cap