Retirement income calculator

The Retirement Income Calculator enables you to more clearly assess your estimated financial position in retirement and what you may need to do to reach your desired retirement balance.

This calculator can be used to estimate the level of your (and your partner's) superannuation benefit at retirement. Using this calculator allows you to:

See whether you might have sufficient funds to provide you with your desired standard of living in retirement.
See whether you might be in a position to receive government support in the form of the Age Pension, to supplement your own retirement savings.
See how different market situations might impact your situation.

CALCULATE TODAY

retirement-income-stimulator

FAQs about retirement income calculator

What is the age of retirement in Australia?

You can retire at any age you choose, but there are a couple of key ages you need to take into consideration when you are looking to do so.

The first is the age you can access your superannuation, known as your preservation age. This is the minimum age that you can access your super when you are retiring, and can be between age 55, and age 60 depending on your date of birth. If you were born before 1 July 1960, then your preservation age is 55. If you were born on or after 1 July 1964, then your preservation age is 60 years. If you were born after July 1960 and before July 1964, then your preservation age will be 56, 57, 58 or 59 years respectively.

Under normal circumstances, accessing your super benefits requires you to meet two conditions:

Reaching your preservation age
Retiring from the workforce

Note: If you withdraw your superannuation before the age of 60, your benefit payment may be subject to tax.

The second is your Age Pension age. This is the age at which you are eligible to apply for the Age Pension. This also depends on your date of birth.

If you were born before July 1952, your Age Pension age is 65 years. If you were born on or after 1 July 1952, then your Age Pension age will be between 65.5 years and 67 years, depending on your specific date of birth. The table below provides your Pension eligibility Age based on your year of birth.

If your birthdate is:	Your Pension Age is:
1 July 1952 to 31 December 1953	65 years and 6 months
1 January 1954 to 30 June 1955	66 years
1 July 1955 to 31 December 1956	66 years and 6 months
From 1 January 1957	67 years

How much super do you need to retire?

Your retirement is completely up to you, and what you want in retirement today could change over time. Today it is important to think about what type of retirement you may like and how much money you will need to help you enjoy it. Find out more about how to build your super.
How do you make sure you are super fit for retirement?

A bit like your fitness routine, it is important to monitor your super regularly. Review where your money is invested, the fees you are paying, the performance of the fund, and your insurance to see how it aligns to your other financial products.
If there is a gap what can you do?

Take stock of where you are today and assess your options for building your super. For more information check out build your super, making super contributions and consolidating your super.

And remember as a Virgin Money Super customer, we offer Simple Super Advice at no additional cost to you, to help you plan for your future.