Retirement savings calculator: What is your pension amount?

The average annual income of pensioners in Australia is $81,000, but it could be higher, with the average salary of an independent fund manager (IFM) reaching $200,000.

The median salary for an employee in a retirement savings plan is $96,000 and for an individual $96k is still the median salary.

There are also higher amounts for managers who are not members of a pension scheme, but who manage the funds of employees and are also managers of investment companies.

A new pension plan can be set up with a lower annual contribution.

For example, if you are planning to retire at 60, the average contribution is $12,500 per annum, but if you decide to retire in your 70s, you can contribute as low as $6,000 per annus.

Retirement savings are often a key way for people to save for retirement, as many employers offer 401k plans.

The retirement savings calculator on TechRadars website will help you find out how much your savings are worth.