This calculator helps Australians calculate their superannuation contributions and project their balance at retirement, ensuring financial security in later years.
Superannuation Calculator
Results
Data Source and Methodology
All calculations are based on data provided by the Australian Taxation Office. For more details, visit ATO Super Guarantee.
The Formula Explained
The formula used is: Future Balance = Current Balance + (Annual Salary × Contribution Rate × Years)
Glossary of Terms
- Annual Salary: The total salary earned in a year before taxes.
- Contribution Rate: The percentage of salary contributed to superannuation.
- Current Super Balance: The current amount in your superannuation account.
- Years Until Retirement: The number of years you plan to keep contributing before retiring.
Frequently Asked Questions (FAQ)
What is superannuation?
Superannuation is a savings scheme for retirement, mandated by the Australian government to ensure financial security for citizens in their later years.
How are superannuation contributions calculated?
Contributions are calculated as a percentage of your salary, with the current Superannuation Guarantee rate being 10.5%.
Can I make extra contributions?
Yes, employees can make additional voluntary contributions to their superannuation fund.
What happens if I change jobs?
Your superannuation can be transferred to your new employer's super fund, or you can maintain your existing fund.
How can I track my superannuation balance?
You can track your balance through your superannuation fund's online portal or statements.