Calculating your retirement savings: How much is enough?

When you picture your retirement, how does it look? Will you be travelling the world trying out daredevil adventures? Or are you more interested in forging local connections and enjoying the home you’ve created? Whatever your vision, keeping your superannuation on track will help fund the lifestyle you choose.  

But how do you tell how it’s tracking? Checking your super balance can just feel like staring at a number on a screen. How do you know if this number will grow to be enough for your retirement lifestyle? 

Taking the mystery away from your super balance is simple. And the good news is, the information you need is easily accessible, and our free calculators help you crunch the numbers. It’s one of the simplest and most effective ways to demystify your super.

Let our calculators do the heavy lifting to demystify your super, see if you're on track and identify any gaps early.

1.        When do you want to retire?

 Some people have a clear plan for when they will retire. For others, retirement may be a long time away, and answering this is harder. If you are unsure, planning for age 65 is common because that’s when you will have access to your super regardless of your working arrangements. It's a good place to start your planning and thinking.

2.        What’s your current super balance?

Log in to your smartMonday account and check how much you have. If you have more than one account, add the balances together. You may also want to consider consolidating your accounts as you could save on fees. However, you should consider the different fees and costs, amount of insurance cover offered and any other relevant information before deciding to consolidate your super.

3.        How much do you earn before tax?

Take note here – some employers pay a base salary plus super, and some pay total remuneration which includes your super. You should be able to see details of your salary on pay slips or through your HR portal (depending on your employer).

Try our free Supermodeller calculator. Use the numbers you collected above and follow the on-screen instructions to see where your super balance might land at retirement. The calculator also allows you to add other information such as extra contributions or details about your partner (if you have one).

The results will show your life expectancy and the age your super is estimated to runout. Are they near each other? If your super looks like it might not last long enough then you may consider:

·      Increasing your retirement age

·      Making extra contributions to your super

·      Changing your investment risk

·      Adjusting your retirement spending

·      Adding your partner/spouse (if you have one)

Don’t forget to take your personal objectives, financial situation or needs into account before taking any action, and consider speaking with a smartCoach or financial adviser.

Unsure what to do with your results?
Our smartCoach team is here to answer your questions and provide retirement advice at no extra cost.

Talk to a smartCoach today on 1300 262 241, or email smartcoach@smartmonday.com.au

Our free super calculators help take the guesswork out of planning for retirement by turning that daunting, abstract balance into clear, actionable insights. Instead of seeing your super balance as a vague number, you can begin to see it as a tool that shapes your plans for your future.