Disclaimer
The projections shown by this calculator are illustrative examples of how much superannuation you could accumulate at your chosen retirement age and how long it may last in retirement. This calculator and information has been prepared by NGS Super Pty Limited ABN 46 003 491 487, AFSL 233 154.
The information is general only and does not take into account your personal objectives, situation or needs. The results are not a representation of actual entitlements or benefits from any particular superannuation product and are not intended to be relied on for the purposes of making a decision in relation to a financial product. Before making any financial decisions consider your own financial circumstances, needs and objectives and consider getting professional financial advice.
The outcome produced by this calculator is based on your inputs and the assumptions set by NGS Super, which are inputted with your consent. You must consent to the use of these assumptions to access the calculator. These assumptions are considered reasonable as they are based upon relevant legislation, regulatory guidance provided by the Australian Securities & Investments Commission (ASIC), industry standards and current NGS product terms.
If you change the assumptions, it will change the results produced by the calculator. The projections provided in the calculator, assume an investment return in a superannuation account which is different in the accumulation (pre-retirement) and retirement phases. You can choose to exclude the Government Age Pension from the projection or include other regular income in retirement. Other important assumptions are listed below and are based on current laws and their interpretation as of September 2024.
Inflation
By default, the projection allows for future wage inflation of 3.70% per annum (pa) and future price inflation of 2.5% pa. Results are expressed in today's dollars by discounting with wage inflation in the accumulation phase and price inflation in the retirement phase. Target income is also assumed to increase at this rate.
These assumed inflation rates and the approach to discounting are consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
Investment returns
Assumed investment returns are used in the calculator, which can be varied. Investment returns are shown after investment fees and taxes. The Cash, Low, Moderate and High options represent investment strategies with different assumed return profiles. Please remember that investment returns are not guaranteed. Actual investment returns are subject to market volatility and may vary from year to year. A higher return option may represent a higher level of risk. Before making decisions, you should also consider the risk profile of different investment strategies.
| | Accumulation phase return p.a. (net of tax) | Retirement phase return p.a. (tax free) |
| Cash | 2.50% | 3.00% |
| Low | 3.50% | 4.00% |
| Moderate | 5.50% | 6.00% |
| High | 6.50% | 7.00% |
Investment returns in the retirement phase are tax free. Investment returns in the accumulation phase are taxed (based on the percentage of funds invested in shares, and allowing for dividend imputation and the capital gains tax concession if applicable). Investment earnings are assumed to be credited continuously to the fund.
The above assumptions can be edited to create a 'user defined' investment setting. You can alter the inflation rate and the assumed retirement investment return within certain ranges. The user defined accumulation investment return will be automatically calculated to take into account tax .
Administration fees and insurance premiums
Fees and insurance premiums are assumed to be as follows:
| | Accumulation phase | Retirement phase |
| Fee percentage on Balance | 0.10% | 0.10% |
| Fee percentage on Contribution fee, (if applicable), % | 0% | 0% |
| Fee Annual Dollar | $65 | $65 |
| Cap on percentage admin fee | $500 | $500 |
| Insurance premiums | $898.97 | Nil |
The calculator’s default insurance premium is based on the average lifetime insurance costs for members aged 15 – 66 with NGS Plus Default Cover, this premium may be higher or lower than premiums you currently pay and may continue to pay in the future. Administration fees and insurance premiums in the accumulation phase are assumed to be tax deductible to the Trustee and it is assumed these tax deductions are passed onto member accounts and reduce the contributions tax payable. Fees and insurance premiums are assumed to increase in line with wage inflation. Percentage fee rates are assumed to remain constant over the projection period and the asset-based fee cap is indexed to wage inflation. You can alter the default fees across the combined accumulation and retirement phases within certain ranges.
Personal income
Salary is assumed to increase in line with wage inflation. In any future periods where you have a period of part-time employment, your salary is reduced on a pro-rata basis.
Tax calculations allow for individual income tax rates, the Medicare Levy, the Low-Income Tax Offset and the Senior and Pensioners Tax Offset. It does not take into account the Medicare surcharge or any HECS/HELP debt. Threshold and offset amounts in the first year are based on current rates. Thereafter they are indexed in line with wage inflation.
Employer contributions
Employer contributions are calculated as a percentage of salary and is defaulted to the Superannuation Guarantee (SG) rates below:
| Financial year | SG rate |
| 01/07/2024 | 11.50% |
| 01/07/2025 and onwards | 12.00% |
SG contributions are subject to the maximum super contribution base, which is $65,070 per quarter for 2024-2025. This threshold is indexed annually in line with wage inflation.
If you receive a different amount, you can alter the rate of employer contributions within certain ranges. If you adjust the rate higher than 12%, it will be assumed to remain constant throughout the accumulation phase and the minimum SG rates will be ignored. The calculator assumes that SG is paid continuously, except for when you schedule a career break.
Member contributions
Regular concessional (before-tax) or non-concessional (after tax) contributions entered by you are assumed to increase each year in line with salary. In any periods of part-time work, these contributions are assumed to decrease on a pro-rata basis. Regular contributions are assumed to be spread evenly across the year.
The amount of a one-off, non-concessional contribution you enter is assumed to be fixed, and is not indexed.
Concessional contributions up to the concessional contributions cap are generally taxed at 15% on contribution to superannuation. Non-concessional contributions up to the non-concessional contributions cap are not subject to tax on contribution to superannuation.
For the 2024-2025 financial year the annual general concessional cap is $30,000.
To the extent that the combined amount of income and concessional contributions for a particular financial year exceeds $250,000, concessional contributions are assumed to be subject to tax at 30% on contribution to superannuation.
For the 2024-2025 financial year the non-concessional cap is 4 times the general concessional cap, being $120,000. This can be increased up to $360,000 under the 'bring-forward' rules. The additional amount which can be contributed depends on account balance and age:
- If an account balance is under $1.66m an individual can 'bring forward' this and the next two years of contributions, and can contribute $360,000.
- If an account balance is between $1.66m and $1.78m an individual can 'bring forward' this and the following year of contributions, and can contribute $240,000.
- If an account balance is between $1.78m and $1.9m , the individual is not able to bring forward any future year’s contributions, and the non-concessional contribution cap is equal to the annual cap of $120,000.
- If an account balance is $1.9m or more (or if an individual is aged 75 or above) the individual’s non-concessional contributions cap is $0.
The non-concessional cap under these 'bring-forward' arrangements also represents the total amount of eligible non-concessional contributions within the bring-forward period.
The calculator enables you to enter both regular annual non-concessional contributions and a one-off lump sum non-concessional contribution. If in any year the combination of these would exceed the relevant non-concessional contribution cap, the calculator will limit the contributions to the cap amount; if this occurs you will receive a message.
The concessional and non-concessional contribution limits are indexed in line with wage inflation.
Co-contribution
In each projection year, eligibility for a government co-contribution is assessed based on salary (the calculator does not take into account any reportable fringe benefits that may affect eligibility for a co-contribution) and non-concessional contributions. A co-contribution of up to $500 is made to the superannuation account if individuals make non-concessional contributions and their salary is below the lower income threshold. The co-contribution amount is pro-rated if their salary is between the lower income threshold and the upper income threshold. The co-contribution income thresholds are indexed in accordance with wage inflation. For the current co-contribution income thresholds, visit the Australian Tax Office (ATO) atwww.ato.gov.au/rates
Retirement age
If you enter a current age less than 67, the default retirement age is 67. If you enter a current age of 67 or older, the default retirement age is your age at your next birthday.
This approach is consistent with ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.
Life expectancy
Life expectancies allow for future mortality improvements. They were derived based on the medium mortality rate assumptions in the Australian Bureau of Statistics in 'Population Projections, Australia, 2006 to 2101'.
Government Age Pension
Current Government Age Pension thresholds and rates of payment are allowed for, based on the Single/Couple and Homeowner status. If 'Couple' is selected, the partner’s superannuation assets can be entered and all other income and assets are assumed to be combined between the user and their partner. Thresholds are indexed in line with price inflation and rates of payment are indexed in line with wage inflation. It is assumed the qualification requirements for the Government Age Pension under social security legislation are satisfied.
The Government Age Pension is subject to an asset test and an income test. You can enter other investment assets outside super, which is used for the asset and income test only. The projection assumes that in retirement, all assets (superannuation and assets outside superannuation) are placed in an account-based pension. The Government Age Pension income test is therefore calculated on the basis of deemed income on all assets.
You can enter an additional income amount. This amount represents any regular income received throughout retirement in addition to drawdowns from superannuation and Government Age Pension and will be reflected in the projected income. The additional income entered will not be included in the income test for Government Age Pension.
The assets outside super and any additional income entered, are assumed to increase each year in line with wage inflation.
The Department of Human Services rate estimator lets you estimate your payment rate for the Government Age Pension, based on your current or proposed circumstances and assists with working out if you will be eligible for a payment.
We have not considered any other Government benefits apart from the Government Age Pension. Contact Centrelink to confirm your eligibility for the Government Age Pension as the projections are examples only and have not considered your personal situation.
Transfer balance cap
The transfer balance cap restricts the amount that can be transferred into an account-based pension. At 1 July 2024 the cap is $1.9m and will increase in $100,000 increments in line with wage inflation. If at the time of retirement the projected account balance exceeds the (indexed) transfer balance cap, the maximum possible amount is assumed to be transferred into an account-based pension and any excess balance retained in an accumulation account.
Minimum income payment in retirement
The Government sets the statutory minimum amount that must be withdrawn from superannuation each year during retirement (once funds have been converted to an account-based pension). This withdrawal amount is calculated based on your account balance and a percentage that varies depending on your age. The calculator allows for these minimum withdrawal amounts. In some years, this may result in your projected income in retirement exceeding the target income.
Target income
The target income defaults to 75% of your annual after-tax income. This can be changed within certain ranges.
To achieve the target income, the amount drawn from superannuation in retirement is calculated as:
- Target income (which can be specified) less other income (which can be specified) less any Government Age Pension amounts (as calculated by the calculator).
Where the transfer balance cap is exceeded at the time of retirement, the excess will be invested in an accumulation account and will result in both an accumulation account and an account-based pension. In the scenario where the target income is in excess of the statutory minimum drawdown for the account-based pension, the income will first be drawn from the account-based pension up to the minimum amount and the excess income required to attain the target income will be drawn from the accumulation account.
Last updated: 26 February 2025
