Retirement savings calculator

01 Jul 2023 5 min read

The amount you save in super will likely be your main source of income at retirement. So, it’s natural to wonder ‘how much will I need?’ and ‘how long will it last me?’. The NGS retirement savings calculator can help.

How to use our calculator

If you’d like to get an idea of where your super is headed, our retirement savings calculator can help you estimate your retirement balance and how long it will last by assessing factors like your:

  • salary
  • current super balance
  • age
  • superannuation contributions (voluntary and employer contributions)
  • career breaks and changes
  • assets outside super
  • desired retirement income
  • investments and estimated returns.

All you need to do is provide the relevant information at each step and our calculator will create a confidential report of your projected retirement income based on your details. Our calculator can also factor in the age pension you may be paid if you’re eligible. If you like, you can play around with different figures to create various scenarios and compare outcomes.

How much do I need to retire comfortably in Australia?

How much super you’ll need for a comfortable retirement will depend on how you’d like to spend your time. The answer could be very different for everyone. To give you a guide, the Association of Superannuation Funds of Australia (ASFA) estimates that a single person would need $595,0001 in super to retire comfortably, and a couple would need $690,0001 combined.

These figures assume that a comfortable retirement means you can maintain a good standard of living and accounts for daily essentials like groceries, transport and home repairs, as well as private health insurance, a range of exercise and leisure activities and the occasional restaurant meal.

Take our quiz to get an idea of the type of retirement lifestyle that may suit you.

More about super and retirement planning

Our quiz and calculator are good places to start if you’re just thinking about what your retirement could look like. But when you’re ready to make plans, there are strategies — like transitioning to retirement, opening a super income stream account and applying for the government age pension — that are also worth exploring.

Getting help from an expert can help create clarity and confidence before you enter this next big phase of your life. Our financial planners can tailor a retirement plan to your personal circumstances, goals and needs, and talk you through any questions you may have. The first appointment with an NGS financial planner is complimentary.

Frequently asked questions

What is the retirement age in Australia?

Government age pension

In Australia, retirement age usually refers to the age you can access the government age pension entitlements. This is known as your age pension age.

If you were born before 1 July 1955, you’ve already met the qualifying age for the age pension.

If you were born between 1 July 1955 and 31 December 1956 (inclusive), your age pension eligibility age is 66.5.

For those born after 31 December 1956, the qualifying age will be 67. This will take effect from 1 July 2023.


The age rules for accessing your superannuation in retirement are separate to the government age pension rules. For super, you’ll need to meet a ‘condition of release’. These include:

  • retiring at or after preservation age
  • ending an employment arrangement on or after age 60
  • reaching age 65 (regardless of your work status).

Your preservation age depends on your date of birth. If you were born before 1 July 1963, you’ve already reached your preservation age.

If you were born between 1 July 1963 and 30 June 1964, your preservation age is 59.

For those born after 30 June 1964, preservation age will be 60.

How do you make sure you have enough money for retirement?

It’s hard to know how much is enough for retirement because there are so many variables and unexpected costs may arise. ASFA estimates that a single person would need $595,0001 in super for a comfortable retirement, and a couple would need $690,0001 combined.

The best way to make sure you have enough money for retirement is to make the most of your superannuation while you’re still working. There are multiple ways you can do this, including adding extra to your super through before-tax or after-tax contributions, or choosing how your super is invested to optimise returns that suit your investment timeframe. You can also do something as simple as checking how many super accounts you have and combining them into one so you’re not paying extra in fees like administration fees.

There are other ways to help build your super — you may be able to help boost your partner’s super balance, or, if you’re older and thinking about selling your home, you could consider using downsizer contributions.

As you can see, there are lots of options available, but there are rules and limits you’ll need to be aware of for each. If you need help sorting out your before or after-tax contributions, or choosing a strategy that suits your financial situation best, consider using our advice services.

How can you stretch your savings for retirement?

There are a few options you could consider to make your savings last longer in retirement. You could:

Having a retirement plan in place can help you manage your savings better so you can make it last and fulfill your personal objectives. Consider speaking with a financial planner to get a tailored retirement plan.

1 In today’s dollars using 2.75% average weekly earnings (AWE) as a deflator and an assumed investment earning rate of 6%.

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