We assume that you qualify for the Government co-contributions if you are under age 71 and you make after tax contributions.Should your projected total superannuation balance exceed the projected Transfer Balance Cap (see below) at any year in the projection, your projected non-concessional contributions will be restricted to zero for that year.The non-concessional contribution cap is set at 4 times the concessional cap and so will increase at the same time in future years.We do not allow for a higher cap that can apply over three consecutive tax years in some circumstances because the calculator can only make estimates based on regular contributions each year.We adjust these contributions so you don't exceed the annual non-concessional contributions cap.We assume that the concessional contribution cap will increase in future years with wage inflation once the $2,500 increment amounts are reached.At 1 July 2021, the concessional contribution cap is reset to $27,500 for all individuals.We adjust these contributions so you don't exceed the concessional contributions cap (which applies to the total of your employer and before tax contributions).The SG rate is assumed to increase by 0.5% per annum until the SG rate reaches and stays at 12% from 1 July 2025 onwards.īefore tax (salary sacrifice) contributions From 1 July 2021, the SG rate used for the default employer contribution rate is 10%.You will satisfy the Work test at older ages and so are able to contribute.Your employer and voluntary contributions will increase with inflation.You can change this if your employer contributes more than the minimum. We assume that your employer contributes an amount equal to 10.5% of your ordinary time earnings.Enter all your contributions as additional voluntary contributions.Change the employer contributions to 0%.A further 1.5% each year due to the cost of rising community living standards.2.5% each year due to the rising cost of living (CPI inflation).We make the following default assumptions about inflation (which you can change under the Advanced Settings - Other section of the calculator):.Results are shown in today's dollars, which means they are adjusted for inflation.We assume your account balance will receive all income and outgoings mid-year, apart from Government co-contributions which we assume are received at the end of the year.It will not work for defined benefit funds. The calculator works for accumulation funds only. ![]() You may wish to contact the Financial Information Service or get advice from a licensed financial adviser. Consider your own needs, financial situation and investment objectives. There may be other factors to take into account. Do not rely solely on this calculator to make decisions about your retirement.Some of the assumptions can be changed to reflect your personal circumstances.Consider updating the projections provided by this model regularly, particularly if your circumstances have changed.These assumptions are essential so the calculator can show the effect of things you may be able to control, such as choosing a different investment option. This calculator assumes that your contributions are steady and predictable and that all assumptions remain steady.This calculator cannot predict your final superannuation benefit or level of retirement income with certainty because this will depend on your personal circumstances, unexpected life events, the Age Pension paid, investment earnings, tax and inflation.The amounts projected are estimates only and are not guaranteed. The results from this calculator are based on the limited information that you have provided and assumptions made about the future. ![]() For more information on Treasury’s long-term retirement income modelling assumptions see the 2019 Treasury Research Institute paper ‘Accumulation of superannuation across a lifetime’. The default assumptions in this calculator are based on Treasury’s long-term retirement income models. Investment assets: ($) ( max: $1,000,000)Īge when super runs out: ( min: 72, max: 110) NoticeĪSIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions.Īs of 17 April 2020, these calculators will use a single set of assumptions. Rise in cost of living: (% p.a.) ( max: 10%)Īdditional rise in living standards: (% p.a.) ( max: 10%) ![]() The investments outside super and your homeowner status affects the way your Age pension estimate is calculated. Inflation reduces your income estimates to today's dollars, making it easier for you to plan your retirement income.
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