Finance & property Australia
Retirement Calculator Australia
Retirement is the other half of the super story: once the balance stops growing from work, how long will it fund the life you want? This calculator tests a balance against the income you plan to spend, and shows the level income it could sustain to the age you choose, all in today's dollars.
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An assumption after fees and tax. Retirees in pension phase pay no tax on earnings.
Optional. Enter your own estimate from Services Australia; we do not assume one.
How long it lasts
—Money lasts to age
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Sustainable income to your plan age
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Your spending less pension
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Real return
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Shortfall or surplus
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Year-by-year check
A model, not advice. A model of withdrawals from a balance, not advice. Returns vary year to year, and a poor start to retirement does more damage than the average suggests. Use it to test assumptions, then speak to a licensed adviser or Services Australia about the age pension.
How long will my super last in retirement?
A balance lasts as long as its earnings plus the balance itself can fund your withdrawals. With $700,000 at 67, 5% returns, 2.5% inflation and $55,000 a year of spending in today's dollars, the money lasts about 15 years, to roughly age 82. The same balance sustains about $37,729 a year to age 92.
Why a long horizon matters
A 67-year-old today has a good chance of reaching their late eighties, and a meaningful chance of their nineties, so planning to a younger age risks outliving the money. Most people test to at least 90, and the age pension acts as a longevity backstop if the balance runs low.
The plan age is a field because the right number depends on your health and family history, not an average.
The age pension
The age pension is paid by Services Australia, subject to an assets and income test, and the rates and thresholds change twice a year. We do not model it automatically; if you expect a part-pension, enter an annual estimate in today's dollars and the calculator subtracts it from your spending.
To project the balance you will retire with, use the superannuation calculator.
How this is calculated
The rule, step by step, so you can check any figure by hand.
real return = (1 + return) ÷ (1 + inflation) − 1sustainable income = balance × real return ÷ (1 − (1 + real return) ^ −years), for years to your plan ageeach year: balance = balance × (1 + real return) − (spending − pension)the money has lasted until the balance cannot cover a year's withdrawal
Working in real terms is what keeps this honest: spending is stated in today's dollars and the return is adjusted for inflation, so every figure is comparable with what you spend now. At 5% returns and 2.5% inflation the real return is only 2.44%, which is why a seemingly healthy balance supports a more modest income than people expect.
The sustainable-income figure is a level amount to the plan age, so it leaves nothing at the end. If you would rather leave a legacy or hold a buffer, plan to a later age.
A worked example
$700,000 at 67, spending $55,000 a year in today's dollars, 5% returns, 2.5% inflation, planning to 92, no age pension.
- Real return2.44%
- Years to age 9225
- Sustainable income to 92$37,729
- Years $55,000 a year lasts15 years
- Money lasts to about age82
The money funds about $37,729 a year to age 92; spending $55,000 lasts to about age 82.
Add an age pension estimate to see how much it stretches the balance.
Sequence of returns
The average return hides a risk this model cannot show: poor returns in the first years of retirement hurt far more than poor returns later, because you are withdrawing from a smaller balance. That is the reason many retirees hold a buffer in cash and keep a growth allocation for the long run.
Test a lower return than you expect and a longer life, and see whether the plan still works.
What it leaves out
Tax on withdrawals is nil from age 60 for most super, but earnings outside super and the age pension income test both affect real outcomes. Aged care costs, one-off expenses and a change in spending over the retirement are not modelled.
What this calculator does not do
- A constant return and inflation rate, so no sequence-of-returns risk
- The age pension must be entered by you
- No aged care or one-off costs
- Tax outside super is not included
Common questions
How much do I need to retire?
It depends on the spending you want. The ASFA Retirement Standard publishes budgets for a modest and comfortable lifestyle, and this calculator tests whether a balance can fund one.
How long will $500,000 last?
At 5% returns and 2.5% inflation, $500,000 funds about $26,900 a year to age 92, in today's dollars. Change the inputs to test your own.
What is a real return?
The return after inflation. It shows how fast your purchasing power grows, and is what matters for planning spending in today's dollars.
Should I include the age pension?
Enter your own estimate from Services Australia. It reduces how much your balance must fund each year.
Is the return tax-free?
In pension phase, earnings on super are generally tax-free, but you should check your own fund and circumstances.
Where these numbers come from
- Services Australia — age pension Eligibility, rates and the means tests
- ASFA — retirement standard Budgets for modest and comfortable retirement lifestyles
- MoneySmart — superannuation calculator ASIC's own calculator, useful as an independent cross-check
Method last reviewed 2026-10-28 This calculator uses fixed rules rather than rates that change, and its method is re-checked against the sources above at least once a year. Out of date? Tell us and we will fix it.
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