A pension fund calculator is here to help save for your retirement.
Here are the benefits:Fees: You can use this calculator to find out how much you’ll be paying out when you die.
Fees can be used to set a target to save money for your own retirement.
Fee payments can be based on a range of factors, including how much money you currently earn, whether you’ve been in work for a long time, whether the economy is improving, and your age.FEE FACTORS You’ll get an estimate of how much your payments will be.
Your final rate of return will depend on your personal risk tolerance, how much inflation you have to bear and the type of asset you hold.
For example, if your risk tolerance is low and you have an annual income of $1,000,000 and you need to save $600 a year, your final rate is 20 per cent.
If your risk taker is higher and you’re making $2,000 a year and need to spend $1.7 million a year to get there, your rate of returns will be 30 per cent, even though the inflation rate is about 1.7 per cent a year.
Your payments will also be adjusted for inflation.
For more details on what fees are included in your pension, see our PAYMENT PAYMENT GUIDE.
Income: You’ll receive an estimate for the amount of money you’ll need to retire on after your death.
The calculator will provide an estimate based on your age, your income, your savings, and the average inflation rate for the period you live.
The average annual inflation rate in your area will also appear in the calculation.FEDERAL PAYMENT INFORMATIONThis calculator will only work with your pension provider and your bank account.
You can also call 1800 467 001 or email [email protected] to find the right pension for you.
Pension calculator can be downloaded as an Excel spreadsheet, which you can use for other purposes.
If you’ve lost your phone number, you can contact the Pension and Benefits Information Service to get the latest information.
If this calculator doesn’t work for you, you’ll also need to contact the ACT Pensioners Service, who will help you with any other issues.
The Australian Council of Social Service also has more information about your options for retirement, including eligibility criteria and what you can expect in your final year of pension payments.