Our Retirement Drawdown calculator can help you work out how long your super might last in retirement, and plan for the future.
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Try our Retirement Drawdown calculator
If you want to find out how long your super might last in retirement, our Retirement Drawdown calculator can help.
Input your savings, expected expenses and desired retirement lifestyle, and you’ll get a projected estimate of how long your super could last in Australia.
Why it’s important to know how long your super will last
Knowing your superannuation balance and working out how long it will last can play an important role in planning for the type of retirement you want. It’s the type of information that can help you make clear and informed decisions about when and how you can stop work.
Having an overall figure and a predicted timeline can help you with:
- Budgeting - having a clear idea of your available funds allows you to align your spending with your finances. It helps you plan for essential and non-essential expenses and makes sure your savings last as long as possible.
- Investment decisions - understanding the time frame allows you to make more informed decisions about investing. For example, retiring early might call for more balanced investments that provide both growth and security.
- Retirement timing - Knowing how long your super could last helps you decide when to retire. If your super balance is lower than expected, you may choose to work a few more years to ensure you have enough saved to cover your future expenses.
- Estate planning - If leaving an inheritance is important to you, understanding the longevity of your superannuation allows you to plan more effectively. You’ll better grasp how much you can draw for your retirement while still leaving something behind.
Not sure where to begin?
Our Retirement Centre can provide one-on-one support and answer the questions you might be too shy to ask. Our services are available to all.
Maximising your superannuation for a longer retirement
There are several strategies to help make sure your super balance lasts as long as you need to support a comfortable retirement.
Work a little longer: extending your working life, even by a few years, can significantly affect your superannuation balance. Not only do you contribute more, but you also give your existing super more time to grow. Additionally, you’ll reduce the years you’ll need to rely on your savings.
Make extra contributions: It’s still possible to contribute towards your super when you enter the pension phase. But there are conditions you need to keep in mind. This may require a pension reboot.
Adjust your withdrawal rate: how much you withdraw annually from your income-stream account directly directly impacts how long your super will last. Learn more about minimum pension drawdown rates.
Review your investment options: selecting the right mix of investments to suit your risk tolerance and long-term goals can improve the growth potential of your superannuation, ensuring it works as hard as possible for you.
Factors that have an impact on how long super will last
Several factors influence how long your super will last.
Life expectancy
People live longer, meaning retirees need their superannuation to last longer than in previous generations.
Spending habits
Higher spending, especially in the early retirement years, can deplete your savings faster than anticipated.
Withdrawal rates
A higher withdrawal rate means you’ll deplete your funds faster, while a more conservative approach can extend your super’s lifespan.
Inflation
Inflation gradually reduces the purchasing power of your money over time. This means you may need to withdraw more from your super to maintain the same standard of living, further reducing your balance.
Investment returns
The performance of your investments will also impact how long your money lasts. Checking that your investment strategy remains aligned with your goals and risk tolerance is always a good idea.
Frequently asked questions
It depends on various factors, including your lifestyle, spending habits, and investment returns. To get a more personalised estimate, use our Retirement Drawdown calculator.
Yes, your super can continue to grow during retirement if you keep it in a Retirement Income account. This allows your savings to remain invested, potentially generating returns while you draw an income.
The length of time your super should last while in retirement depends on your life expectancy, lifestyle, and spending habits. Our Retirement Drawdown calculator can provide a helpful overview.
Your retirement questions answered
A financial planner can take the guesswork out of retirement. Book a time for an initial conversation and we can help you map out your retirement goals, supporting services, and next steps.
This initial appointment is obligation free and available to all fund members at no additional charge.
Book a time to talk to our advice team or call us on 1800 065 753
Have a general enquiry? Contact our Helpline.
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