If you're already enjoying life after work, or plan on retiring in the next few years, it's a good idea to assess your current situation to estimate how long your retirement savings will last. Use our retirement calculators to give yourself an idea of whether you are on track. Calculate how long your super will last, and how our different retirement products could meet your needs.
Once you've assessed your current financial situation, there are some steps you can take to make your retirement savings last longer. If you haven't done so already, take some time to get your superannuation savings in order. Log in to Member Online to review your QSuper account details. Prepare a budget for your retirement to make sure you don't spend too much too soon.
Australians are living longer than ever before, so depending on when you retire, you could rely on your super savings for up to 20 years. Keep in mind the way you spend money at the beginning of your retirement is likely to be very different from how you spend it later on. Use our Budget Planner Calculator to help take control of your finances. If you need help, a financial adviser can provide professional guidance to help you achieve what's important to you.
How you access your superannuation once you have reached your preservation age and retired can also have an impact on how long your super will last. Here are your options with QSuper:. Our retirement products help you create your complete retirement solution, providing more security and flexibility as you age.
Make your super last a lifetime. Before consolidating, you should check what fees your other super fund charges and if you will lose any benefits such as insurance or pension options. Based on an Australian retiring at age 65 and living until age Life expectancy based on average life expectancy at birth of 85 years for women and 80 years for men Australian Bureau Statistics.
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Retirement planning Expand. Make your super last in retirement The Age Pension and Super. Access your super Expand. When can you access your super Withdraw your super. Investments Expand. Performance Expand. Overview Graphs Unit prices. Investment options Expand. Insurance Expand. Therefore, understanding your expenses is the first step to calculating how long your money will last. When calculating your expenses, you need to include everything that your savings will need to cover; including groceries, car expenses, any loan repayments, taxes, travel, etc.
The next step is to estimate the investment return you expect to receive from your savings. Now, we can calculate how long your savings will last. My first year calculation would be:. You may find an excel sheet is useful to project this out over a number of years remember to take inflation into account! Related article: Retirement Income Calculator. In Australia, we are fortunate to have the safety net of the Age Pension, together with the tax-effective retirement savings platform known as superannuation.
Because of this, most generic calculators will understate how long your money will last in retirement. You need a calculator that includes the Age Pension and the concessional tax treatment of superannuation. Related Article: Australian Retirement Age. The tables below show how long your money will last in a range of scenarios and whether you are single or a couple. The dollar amount in each box is the amount of super savings you need to retire at the age at the top of the table for the number of years specified below the age while covering expenses equal to the amount on the left of the table.
There are a number of ways you can make your super last longer.
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