Age: (min: 18, max: 75) This calculator is limited to a retirement age of 75Income: ($ p.a., before tax and super, max: $1,000,000) Desired retirement age: (min: 60, max: 75)Your super. Find out your income when you retire. It is assumed that you qualify for any government low income superannuation tax offset if your income is below the relevant Government threshold. Finance Add to dashboard. We make a default assumption for administration fees of $74 per annum in today’s dollars. Calculator frequently asked questions can be found under most calculators. Retirement Planner. We assume that contribution fees are deducted from your contributions as they as paid into superannuation. These figures were calculated using the MoneySmart super contributions optimiser calculator and the MoneySmart compound interest calculator (as at 4 November 2020). (max: 5%/$50,000) Try this calculator to see when you can access your super and when you can apply for the Age Pension. Refer to these for more information. Find the best choice for you and apply with confidence at MoneySmart.hk Our impartial guidance and online tools allow you to be better informed when making financial decisions. Credit card calculator - Moneysmart.gov.au. People who are eligible can apply online at my.gov.au to access up to $10,000 of their super until 31 December 2020. This calculator assumes that all assumptions remain steady and predictable over time. You can vary assumptions in 'Advanced settings'. Only your retirement income from your account-based pension is included in projected results. If you’ve already paid off your home, the government's MoneySmart website says you’ll need about two-thirds of your pre-retirement income to maintain your current lifestyle after you retire. Fortnightly As a default, the calculator assumes you have $25,000 of personal assets (car, furniture, etc.) We make the following default assumptions for investment return and earnings tax: Actual returns will vary significantly from year to year and could be negative in some years, particularly for investment mixes where more is invested in shares and property. Consider updating the projections provided by this model regularly, particularly if your circumstances have changed. MoneySmart.sg started life as a mortgage comparison company operating under the brand SmartLoans.sg. We assume that you have provided your Tax File Number to your superannuation fund. MoneySmart Calculator. No matter your current financial position, you may have questions around the decisions you are making and how they impact your position, both now and in the future. Do you like to splash the cash, make impulse purchases or are you a budgeting champ - Take our short quiz to find out which financial personality you are! Insurance. We assume that you qualify for the Government co-contributions if you make after tax contributions, The total income used to determine if you qualify for any co-contributions is equal to your annual salary before tax and any salary sacrificed super contributions. We make a default assumption of 0% contribution fees. The tool is a model, not a prediction and the amounts and repayment periods are estimates only. Yes, Frequency Our credit card repayment calculator shows you how long it will take to pay off your credit card, and how you can pay it off faster. No (Source: ASIC MoneySmart) How a financial planner can help you plan for retirement. We have since expanded beyond mortgages to help consumers maximize their financial decisions by putting the power in their hands to compare loans, insurance, and credit cards. The non-concessional contribution cap is set at 4 times the concessional cap and so will increase at the same time in future years. Join Now Watch Video. We assume that these fees are insurance premiums tax deductible within super. 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. Going guarantor on a loan; Car loans; Loan rejection; Payday loans; No or low interest loans; Personal loans; Personal loan calculator; Payday loan calculator; Moneysmart cars app; Credit cards. We assume that the indirect costs are charged as a % of your balance and are charged mid-year on average. Outcomes . We assume the dollar per annum administration fees are charged mid-year on average and will increase with inflation each year and that the administration fees charged as a % of your balance are charged mid-year on average. If you're looking at buying a home or to refinance your existing home loan, you can use ASIC's MoneySmart mortgage calculator to find out: how much you can afford to borrow what your home loan repayments will be how much you'll save if you repay your home loan off sooner. The super co-contribution calculator is a tool to help individuals, including the self-employed, estimate their co-contribution entitlement and eligibility, based on information provided about: income; personal super contributions. Employer contributions calculator. We make a default insurance premium assumption that $214 will be charged mid-year on average and will increase with inflation each year. The MoneySmart website was created by ASIC to help you take steps to improve your personal finances. The ASIC MoneySmart Super contributions optimiser calculator will help you work out: which type of super contribution will give your super the biggest boost; how to make super contributions Try calculator. How much super you need. An effective tax rate on investment earnings of 7.0%. (Year 7–10) 30-45 mins Learn about income tax – what it is, how it works and when you have to pay it. Weekly With the smartdeals app, moneysmart community members enjoy a wide range of exclusive offers, from shopping to dining and much more. Start here moneysmart.gov.au Refer to these for more detailed information about how a specific calculator works. Find out your super balance at retirement, Age: (min: 18, max: 75)This calculator is limited to a retirement age of 75, Income: ($ p.a., before tax and super, max: $1,000,000), Desired retirement age: (min: 60, max: 75), Employer contribution: (%) (min: 9.5%, max: 25%) If you are self employed, enter in 0% for employer contribution and enter all your contributions as voluntary contributions, Do you make additional contributions? At 1 July 2020, the concessional contribution cap was $25,000 for all individuals. Visit now and explore our calculators. Investment fees represent costs relating to the management of your investments that are directly deducted from your account. If you’re considering putting some money down on your dream home, there are a few important factors to consider. (max: 10%), Additional rise in living standards: (% p.a.) Leaving insurance premiums at $0 will make a fees comparison easier if you wish to assess the insurance premiums and cover provided separately. In 'Advanced settings' you can enter the insurance premiums that are charged annually to your account. Open your free smartaccount today. Anyone who... 8 December 2020. Income tax calculator; Salary packaging; Lodging a tax return; Loans, credit and debt. Being paid the right amount of super and making extra contributions. Weigh up the benefits of extra super against your other priorities, for example paying off your credit cards. The default assumptions in this calculator are based on Treasury’s long-term retirement income models. Super contributions. All you need to use the MoneySmart ‘Retirement Planner’ is the current balance of your super account, your age and the age at which you would like to retire. Searching for the best credit cards, travel insurance and personal loans in Hong Kong? We make a default assumption for administration fees of $74 per annum in today’s dollars. You can select the age you want your super to run out in 'Advanced settings - Other'. Use the Moneysmart retirement planner to estimate: how much money you'll have to spend each year once you retire how fees, investment options and contributions will affect your retirement income You can also use the planner to test out different scenarios and work out how to grow your super. This calculator does not allow for such variations. Consider your own needs, financial situation and investment objectives. Results are shown in today's dollars, which means they are adjusted for inflation. The calculator works for accumulation funds only. We assume that these fees are tax deductible within super and that tax deductions are applied before deducting these fees from the returns that are applied to your account. Don’t Let That Life Insurance Policy Lapse ― Here’s Why (MoneySmart 2020) 7 December 2020. 5 min read. We assume the same amount (in today’s dollars) will be deducted in future years until retirement. We assume that the investment fees charged as a % of your balance are charged mid-year on average. We make a default assumption of 0% indirect costs. Use our retirement calculator to help you estimate how long your superannuation balance might last you in retirement based on your desired annual income in retirement, which you can think of as a regular pension or income drawdown. 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’.