How much you'll need

Retirement calculator

Use our retirement adequacy calculator to work out how much you’ll need when you retire, or speak to a UniSuper financial adviser on 1300 331 685.

Most people recognise the need to set aside money for their retirement. But, how much is enough?

When planning your retirement, think about:

  • when you plan to retire
  • how long you’ll be retired
  • whether you’ll have other income
  • what government benefits you’re entitled to.

Living costs in retirement

Have you thought about what your life after work will look like? Do you plan to go on holiday or spend time with the family or perhaps further your education? No matter how you see yourself, setting a budget can help.

You can start by estimating your living costs:

For independent information, you can use the:

Having enough money to last through retirement

We’re living longer which means we’re spending more time in retirement. But just how long?

Additional years Australians can expect to live
Current age Male Female
0 79.3 83.9
25 55.2 59.5
45 36.3 40.1
65 18.7 21.8

Source: Australian Bureau of Statistics, March 2011

You may be able to make your money last through retirement by:

  • working longer, and
  • making extra contributions.

Work longer

There can be advantages in delaying your retirement:

  • depending on your age, your employer may be able to keep contributing to your super, and
  • the extra time your super is invested can mean more investment growth over time.

Make extra contributions

Contributing to your super from your before- or after-tax salary can give your super a boost. However, the government puts limits on the total amount of contributions you can make before they’re taxed at a higher rate.

Contributions caps apply to all the contributions you make, or have been made on your behalf, in a financial year. So, it’s your responsibility to monitor the contributions made into your UniSuper account, and to any other super accounts you have, to ensure you don’t exceed the caps.

Qualifying for the Age Pension

The Age Pension is designed to ensure you have enough income to meet basic living expenses when you’ve retired.

To qualify, you need to meet the government’s age and residence requirements. The amount Centrelink may pay you depends on your income and assets.

Centrelink has more information.

Get advice

Talk to UniSuper Advice on 1300 331 685 to find out how they can help you.