Home› Finance Calculators› Superannuation Calculator
Retirement Planning

Superannuation Calculator Australia

Project your super balance at retirement. Includes the 2024–25 SG rate of 11.5%, voluntary contributions, investment returns, and insurance fees. See your balance grow year by year.

2024–25 SG rate 11.5% Voluntary contributions Year-by-year chart Retirement income projection
🏦 Super Balance Projector
$
$
$
Projected Balance at Retirement
$0
Years to retirement
0
Total contributions
$0
Investment earnings
$0
Annual retirement income*
$0
Balance Projection
💡 *Annual retirement income assumes a 5% drawdown rate. Actual income depends on investment performance, super laws, and your drawdown strategy. This projection uses today's dollars (real returns) — inflation is not modelled. Contributions tax of 15% within the fund is included in the net return assumption.

How Superannuation Works in Australia

Superannuation is Australia's compulsory retirement savings system, introduced in 1992. Your employer is legally required to contribute a percentage of your ordinary time earnings into a super fund on your behalf. This is called the Superannuation Guarantee (SG). As of 2024–25, the SG rate is 11.5%, rising to 12% from 1 July 2026.

Your super is invested in financial markets by your fund, typically across a diversified mix of shares, property, bonds, and cash. The default investment option at most funds is a "balanced" or "growth" option, which has historically returned around 6–9% per year over long periods, though returns vary year to year.

When Can You Access Super?

Super is generally locked away until you reach your preservation age and meet a condition of release. For those born after 30 June 1964, the preservation age is 60. You can access super as a lump sum or income stream (pension) from age 60 once you retire or turn 65 regardless of working status. Withdrawals after age 60 are generally tax-free from a taxed fund.

Contribution Types and Tax Treatment

Understanding how super contributions are taxed is important for maximising your retirement savings:

Concessional (Pre-Tax) Contributions

These include employer SG contributions and voluntary salary sacrifice contributions. They are taxed at 15% within the fund, which is lower than most individuals' marginal tax rates. The annual cap is $30,000 (2024–25). High earners above $250,000 pay an additional 15% Division 293 tax, taking the total to 30%. Unused concessional contributions from prior years can be carried forward if your total super balance is under $500,000.

Non-Concessional (After-Tax) Contributions

These are contributions made from post-tax income — not deductible, but they grow tax-free inside the fund and are generally tax-free upon withdrawal after 60. The annual cap is $120,000 per year, or $360,000 over three years under the bring-forward rule (if your total super balance is under $1.9 million).

Government Co-Contribution

If you earn under $58,445 (2024–25) and make personal after-tax contributions, the government may co-contribute up to $500 at a rate of 50 cents per $1 contributed. The maximum co-contribution phases out to zero at $73,445. This is essentially a government bonus for lower-income savers — one of the best guaranteed returns available.

The Superannuation Guarantee Rate History

The SG rate has been increasing steadily as part of a legislated schedule:

Financial YearSG Rate
2022–2310.5%
2023–2411%
2024–2511.5%
2025–26 onwards12%

The increase to 12% from July 2026 represents the final step in a schedule that began in the 1990s, giving workers an additional 0.5% of earnings directed to retirement savings every year for several years.

How Much Super Do You Need to Retire?

The Association of Superannuation Funds of Australia (ASFA) publishes quarterly retirement standard benchmarks. As a general guide for 2024–25:

  • Comfortable retirement (couple): Approximately $690,000 in super, providing around $73,337/year in spending
  • Comfortable retirement (single): Approximately $595,000, providing around $52,085/year
  • Modest retirement (couple): Under $100,000 in super (Age Pension supplements majority of income)

These figures assume retirees own their home outright and are eligible for a part or full Age Pension as a supplement. "Comfortable" includes occasional travel, a reasonable car, home renovations, and private health insurance. "Modest" is basic but adequate with no major discretionary spending.

The Age Pension (currently around $29,700/year for singles) acts as a safety net. Many retirees will draw from both their super and the pension — the assets and income tests for the pension are complex and worth getting advice on.

Frequently Asked Questions

Should I salary sacrifice into super?▾
For most people on marginal tax rates above 30%, salary sacrifice into super is one of the most tax-effective strategies available. You pay 15% contributions tax inside the fund versus your marginal rate (which could be 34.5%, 39%, or 47% including Medicare). A person earning $90,000 who salary sacrifices $10,000 into super saves $3,000 in income tax compared to receiving it as salary. The trade-off is that the money is locked away until at least age 60. Make sure you stay within the $30,000 concessional contributions cap — your employer's SG contributions count toward this cap.
What investment option should I choose?▾
This depends on your age, risk tolerance, and time horizon. As a general principle: the longer your investment horizon, the more growth assets (shares, property) you can afford to hold, as you have time to ride out market downturns. Younger members (20s–40s) are typically best served by a "high growth" or "growth" option with 70–90% in shares. As you approach retirement, gradually shifting toward more conservative options reduces sequence-of-returns risk. Don't make this decision based purely on recent returns — assess long-term net returns after fees.
Can I combine multiple super funds?▾
Yes — consolidating multiple super accounts into one is often beneficial. Multiple accounts mean multiple fee structures, potentially multiple insurance premiums, and administrative complexity. You can consolidate online via myGov — it takes about 10 minutes. Before consolidating, check whether your existing funds have valuable insurance cover (life, TPD, income protection) that you'd lose by rolling over. If you're significantly under-insured through your new fund, this could be a material financial risk.
Is my super protected if I go bankrupt?▾
Generally yes. Super funds are held in trust and are protected from creditors in most bankruptcy proceedings. This is one reason why many financial advisers recommend maintaining super contributions even when facing financial difficulties — your retirement savings are generally shielded from personal insolvency. However, there are exceptions: amounts contributed with the intent to defraud creditors may be clawable, and contributions made while insolvent can be challenged in some circumstances. Legal advice is important in these situations.
What happens to my super when I die?▾
Your super balance doesn't automatically form part of your estate — you need to make a binding death benefit nomination directing your fund to pay your balance to specific dependants or your estate. Without a valid nomination, the fund's trustee decides who receives the benefit (usually a spouse or children). Binding nominations must typically be renewed every three years unless you choose a non-lapsing binding nomination. Super paid to non-dependant beneficiaries (e.g. adult children) can attract tax of up to 17% on the taxable component.

Disclaimer: Super projections involve significant uncertainty over long time horizons. Actual returns, fees, contribution rates, legislation, and your personal circumstances will differ from these projections. This calculator is for illustrative purposes only and is not financial advice. Consider speaking with a licensed financial adviser for personalised retirement planning.

Related Finance Tools