How this calculator works

A super calculator estimates how your superannuation balance might grow, and whether that could support the retirement spending you have in mind. It is a model, not a promise. The amount you actually need depends on how you want to live, whether you will own your home, what the Age Pension may add, and how long the money has to last.

There is no single official target that works for everyone. The government's Moneysmart website says so plainly. This explainer shows the contribution rules a calculator has to respect, the published guides you can use as a starting point, and the things a projection leaves out.

The Never Lose Interest super calculator lets you test contributions, including the 12% super guarantee, against a retirement age and an assumed earnings rate. For the tax effect of paying extra from pre-tax salary, see the salary sacrifice into super guide. First home buyers who want to save a deposit in super should also read the First Home Super Saver Scheme guide. Compounding itself is explained in the compound interest explainer. What changed for the timing of the 12% guarantee is in Payday Super for employees. How the Age Pension treats super, and the official rates and tests, are in the Age Pension and super guide.

This is general information only. It is not personal advice or a forecast, and it does not take into account your objectives, financial situation or needs. Consider speaking with a licensed financial adviser or your fund if you are making a decision about contributions or retirement.

How does a super calculator work?

In outline, a projection starts with your current balance, adds contributions each year, adds assumed earnings, and subtracts fees and contributions tax. It then shows a balance at a retirement age you choose, and sometimes an income that balance might support.

The main inputs are:

  • your current super balance and your age
  • your salary, and whether the 12% super guarantee is paid on top of it
  • any extra contributions, before tax or after tax
  • an assumed annual earning rate, after or before fees (the calculator should say which)
  • fees and the 15% tax that usually applies to concessional contributions in a taxed fund
  • the age you expect to retire, or at least the age you want the projection to stop

The earnings rate is an assumption, not a forecast. Super balances can fall in some years. Fees and insurance premiums also differ between funds and can change the result by a large amount over decades. A calculator that ignores fees will overstate the ending balance.

From 1 July 2026, employers must pay super guarantee each payday under Payday Super, at 12% of qualifying earnings, subject to the maximum contribution base. For 2026-27 that annual base is $270,830. For 2025-26 the cap was a quarterly amount of $62,500. The 12% rate is a minimum your employer must pay if you are eligible, not a target for a comfortable retirement.

How much super do I need?

There is no single answer. Moneysmart, last updated 6 October 2026, says the amount that is right for you depends on your lifestyle, living costs and other savings. A person who owns their home outright, and who may receive a full or part Age Pension, will usually need less in super than someone who is still renting or who will not qualify for the pension.

Two published guides are a useful starting point, not a rule.

The Association of Superannuation Funds of Australia (ASFA) Retirement Standard, as reported by Moneysmart (accessed September 2026), estimates the super and other savings a single person may need at age 67 for a modest or comfortable retirement. Those figures take the Age Pension into account where it applies, and assume you own your home outright unless noted:

Estimate Savings at age 67 (single person)
Comfortable retirement $630,000
Modest retirement $110,000
Modest retirement if renting $340,000

ASFA describes a comfortable retirement as more than covering the basics, including domestic travel, regular social outings, top-level private health cover, a reliable car and home maintenance. You can read the full assumptions on ASFA's website. The Standard is updated quarterly, so later figures may differ.

Super Consumers Australia, also reported by Moneysmart (accessed September 2026), estimates savings targets at age 65 for a single person who owns their home, again allowing for the Age Pension where it applies:

Estimate Savings at age 65 (single person)
Low spending $74,000
Medium spending $322,000
High spending $891,000

These two guides do not use the same spending definitions or the same retirement age, which is why the numbers are not directly comparable. If you rent, have a mortgage, support dependants, or want a higher level of travel or care, you may need more. If you have other savings, a defined benefit pension, or will downsize a home, you may need less.

Moneysmart also notes a common rule of thumb that you may need around 70% of your working-life income in retirement, because some work-related costs fall. That is only a rough guide.

The Age Pension, currently available from age 67 if you meet the income and assets tests, is a large part of many retirees' income. Eligibility and rates are set by Services Australia and can change. A super calculator that ignores the pension will overstate how much you must fund yourself, or understate your income if you would in fact receive a pension.

Use the Never Lose Interest calculator, and the official Moneysmart retirement planner, to test different contribution levels and retirement ages against a spending target you have chosen, not against an average.

How do my savings compare with the average?

APRA's Quarterly Superannuation Statistics for June 2026, as published by Moneysmart and rounded to the nearest $100, show these average balances by age group:

Age group Average balance
Under 25 $9,400
25-29 $28,800
30-34 $55,200
35-39 $88,400
40-44 $123,400
45-49 $157,900
50-54 $198,000
55-59 $243,300
60-64 $270,800
65-69 $290,600
70-74 $312,000
75-84 $302,900
85 and over $199,500

These are averages, not targets. Time out of the workforce, income, career breaks, fees and investment choice all move a personal balance a long way from the mean. Averages also sit well below the comfortable single-person estimate in the table above, which is one reason extra contributions, lower fees and the Age Pension all matter.

What contribution caps apply in 2025-26 and 2026-27?

A calculator should not assume you can put unlimited amounts into super at the concessional tax rate. The ATO's caps are:

Cap 2025-26 2026-27
Concessional (before-tax) contributions $30,000 $32,500
Non-concessional (after-tax) contributions $120,000 $130,000
General transfer balance cap $2.0 million $2.1 million

Concessional contributions include the super guarantee, salary sacrifice and personal contributions you claim as a deduction. They are usually taxed at 15% in the fund. If your income and concessional contributions together exceed $250,000, Division 293 tax can add another 15% on some or all of those contributions.

If you have unused concessional cap amounts from previous years, and your total super balance was less than $500,000 at 30 June of the previous financial year, you may be able to carry those unused amounts forward for up to five years. Unused amounts expire after five years. The ATO applies them automatically once you exceed the general cap, and you can see your available amount in ATO online services.

Non-concessional contributions are made from after-tax money. If your total super balance is equal to or more than the general transfer balance cap at the end of the previous financial year, your non-concessional cap is nil. People under 75 may be able to bring forward up to three years of the cap, subject to their total super balance. The transfer balance cap itself is a limit on how much you can move into the retirement phase, not a limit on your accumulation balance.

Lower-income earners may also receive a government co-contribution or the low income super tax offset (LISTO). For 2026-27 the co-contribution maximum is $500, with a lower income threshold of $49,293 and a higher threshold of $64,293. For 2025-26 those thresholds were $47,488 and $62,488. The matching rate is 50%. LISTO can refund, into your super, tax paid on eligible concessional contributions if your adjusted taxable income is up to $37,000, up to a cap of $500. You do not apply for these payments if your fund has your tax file number.

When can I access my super, and how is it taxed?

You generally need to reach your preservation age and meet a condition of release, such as retirement, before you can withdraw super. The ATO's preservation age is 60 for anyone born from 1 July 1964. Earlier dates of birth have a lower preservation age, stepping down to 55 for people born before 1 July 1960. The Age Pension age is a separate test.

Once you are 60 or older, a lump sum from a taxed super fund that is a member benefit with a taxed element is generally non-assessable, non-exempt income. That is the usual case for most people in a typical industry or retail fund. Different rates can apply if you are under 60, if the benefit has an untaxed element, or if you take a departing Australia superannuation payment. From 1 July 2025, and still from 1 July 2026 according to the ATO, the low rate cap for certain lump sums taken after preservation age and before age 60 is $260,000.

Account-based pensions have minimum annual payment factors that depend on your age. From 2023-24 onwards, the indicative minimum is 4% if you are under 65, and 5% from 65 to 74, rising at older ages.

These rules affect how far a projected balance will stretch. A calculator that converts a lump sum into an annual income should say whether it includes the Age Pension, and whether it assumes a particular drawdown rate.

Frequently asked questions

Is the 12% super guarantee enough?

It is the minimum an eligible employer must pay, not a measure of whether you will have enough to retire on. Whether 12%, plus the Age Pension and any extra contributions, is enough depends on your income, career length, fees, investment returns and spending in retirement.

Why is my fund's projection different from this calculator?

Funds use their own earnings assumptions, fee schedules and insurance premiums, and they know your actual balance and contribution history. A generic calculator uses the numbers you type in. Compare the assumptions, not just the headline balance.

Should I aim for the same super as other people my age?

The APRA averages are a comparison point, not a goal. Many people with an average balance will still rely heavily on the Age Pension. Your housing costs and the lifestyle you want matter more than the mean.

What if I am renting in retirement?

The published modest-retirement savings estimate rises sharply if you are renting, as in ASFA's $340,000 figure for a single person at 67, compared with $110,000 for a homeowner. Rent is one of the largest reasons two people with the same spending tastes can need very different super balances.

Can I put in as much as I like if I start late?

You can contribute only within the caps, unless you have unused concessional cap space you are allowed to carry forward, or you are eligible to bring forward non-concessional contributions. Starting late still helps, but the caps and the years left until preservation age both limit how quickly you can catch up.

General information warning

This article, and the Never Lose Interest super calculator, are general information only. They are not personal financial product advice, a forecast of investment returns, or a recommendation to contribute a particular amount. They do not take into account your objectives, financial situation or needs. Published savings targets are guides, and they rest on assumptions about the Age Pension, home ownership and spending. Consider seeking advice from a licensed financial adviser before you make a decision.

Sources

Last reviewed: November 2026.