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The Australian Catholic Superannuation retirement calculator helps you project your income in retirement - after you retire. The retirement calculator lets you project several alternative retirement outcomes, including delaying retirement until age 67 or 70 years or longer, making additional super contributions, either before or after tax, or making lumps sum contributions
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The retirement calculator can help project your retirement income from your accumulated superannuation and the Age Pension.
The Australian Catholic Superannuation retirement calculator helps you project your income in retirement - after you retire. The retirement calculator lets you project several alternative retirement outcomes, including delaying retirement until age 67 or 70 years or longer, making additional super contributions, either before or after tax, or making lumps sum contributions
The Australian Catholic Superannuation retirement calculator helps you project your income in retirement - after you retire. The retirement calculator lets you project several alternative retirement outcomes, including delaying retirement until age 67 or 70 years or longer, making additional super contributions, either before or after tax, or making lumps sum contributions
Projecting retirement income using the Australian Catholic Superannuation Retirement Calculator
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2 DISCLAIMER This presentation has been prepared by SCS Super Pty Ltd (ABN 74 064 712 607, AFSL 23055, RSE L0002264), the trustee of the Australian Catholic Superannuation & Retirement Fund ABN 24 680 629 023, RSE R1055436.
Any advice contained in this presentation is of a general nature only, and does not take into account your personal objectives, financial situation or needs. Prior to acting on any information in this document, you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering, and seek independent financial advice if you are unsure of what action to take.
The material contained in this presentation is based on information received in good faith from sources within the market and on our understanding of the legislation at this time.
catholicsuper.com.au/calculators
SUPERANNUATION RETIREMENT CALCULATOR In this presentation well explain, using the example of Kay and Dean, how the Australian Catholic Superannuation Retirement Calculator can help determine:
3 How much money you can expect to have at retirement. How long your savings could last in retirement. catholicsuper.com.au/calculators What actions you can take to boost your savings and income in retirement. 1 2 3
How much will you need to live off in retirement? 4
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Do you have a vision of your ideal retirement lifestyle?
Comfortable lifestyle couple Modest lifestyle couple Age Pension - Couple Total budget per week $1,114.78 $654.62 $1,270.60 per Fortnight (approx $635 per week) Total budget per year $58,128 $33,664 $33,036 A comfortable retirement lifestyle would allow a healthy retiree to have a good standard of living and be involved in a broad range of leisure activities. Comfortable /Modest figures sourced from ASFA: http://www.superannuation.asn.au/resources/retirement-standard Age Pension figures : http://www.humanservices.gov.au/customer/services/centrelink/age-pension
Comfortable lifestyle couple Modest lifestyle couple Age Pension - couple Total budget per week $1,114.78 $654.62 $1,270.60 per Fortnight (approx $635 per week) Total budget per year $58,128 $33,664 $33,036 A modest retirement lifestyle would fund fairly basic activities and inexpensive purchases. Comfortable /Modest figures sourced from ASFA: http://www.superannuation.asn.au/resources/retirement-standard Age Pension figures : http://www.humanservices.gov.au/customer/services/centrelink/age-pension
Comfortable lifestyle couple Modest lifestyle couple Age Pension - couple Total budget per week $1,114.78 $654.62 $1,270.60 per Fortnight (approx $635 per week) Total budget per year $58,128 $33,664 $33,036 The maximum Age Pension* provides less than what is required to live a modest retirement lifestyle Comfortable /Modest figures sourced from ASFA: http://www.superannuation.asn.au/resources/retirement-standard Age Pension figures : http://www.humanservices.gov.au/customer/services/centrelink/age-pension *Includes Supplements
Comfortable lifestyle couple Modest lifestyle couple Age Pension - couple Total budget per week $1,114.78 $654.62 $1,270.60 per Fortnight (approx $635 per week) Total budget per year $58,128 $33,664 $33,036 Click here for more information on funding different retirement lifestyles. Comfortable /Modest figures sourced from ASFA: http://www.superannuation.asn.au/resources/retirement-standard Age Pension figures : http://www.humanservices.gov.au/customer/services/centrelink/age-pension
Will you have enough super saved to fund your retirement dreams? 11
PROJECTING YOUR RETIREMENT INCOME The Australian Catholic Superannuation Retirement Calculator can help you understand:
How much you might be able to save.
What income you are likely to have after retirement and how long you can expect it to last.
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PROJECTING YOUR RETIREMENT INCOME The Australian Catholic Superannuation Retirement Calculator can help you understand:
How your contributions, investment options, career breaks, fees, Centrelink Age Pension and retirement age may affect your projected retirement income.
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PROJECTING YOUR RETIREMENT INCOME The Australian Catholic Superannuation Retirement Calculator can help you understand:
What actions you can take to help boost your savings and achieve your desired retirement lifestyle.
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PROJECTING YOUR RETIREMENT INCOME 15 catholicsuper.com.au/calculators Click here to try your situation in the retirement calculator!
16 catholicsuper.com.au/calculators MEET KAY AND DEAN
Kay and Dean, both school teachers, are starting to plan for retirement.
They want to find out how much they can expect to retire with and how long their savings will last in retirement.
catholicsuper.com.au/calculators
Kay is 41 and works part time two days a week, receiving an annual salary of $25,000. Dean is 45 and receives an annual salary of $75,000.
Together they currently have $50,000 in super savings. catholicsuper.com.au/calculators
The couple plan to retire in 22 years when Dean is 67 and Kay 63.
They want to save enough money to fund a comfortable retirement lifestyle. catholicsuper.com.au/calculators
Kay used the Australian Catholic Superannuation Retirement Calculator to estimate their projected savings balance and income in retirement. 20
KAY AND DEANS CURRENT OUTLOOK 21 Comfortable lifestyle: $869,503 Modest lifestyle: $500,005 $371,887 T o t a l
S u p e r
From the Retirement Calculator, Kay and Dean can see that their projected retirement balance is $371,887.
This figure sits below the lump sum needed to fund a comfortable retirement lifestyle.
KAY AND DEANS CURRENT OUTLOOK If the couple draw income at a comfortable lifestyle level, $58,128 per year supplemented by the Age Pension, their savings will last till Kay reaches age 82.
22 catholicsuper.com.au/calculators Try the retirement calculator, click here!
KAY AND DEANS CURRENT OUTLOOK Income supplemented by the Age Pension 23
KAY AND DEANS CURRENT OUTLOOK Kay and Dean would prefer to self fund their retirement and do not want to rely on the Age Pension as part of their retirement income.
However, in this scenario their current projected savings would only last until Kay reached age 71. This would mean they would have no choice but to rely on the Age Pension once their savings ran out. 24 catholicsuper.com.au/calculators
25 KAY AND DEANS CURRENT OUTLOOK No Age Pension supplement
Concerned about their projected savings, Kay and Dean consider several scenarios for increasing their retirement income. 26
3 2 CACULATING THE IMPACT OF ACTIONS ON SAVINGS Kay and Dean use the Australian Catholic Superannuation Retirement Calculator to project how the following scenarios might affect their superannuation savings and resultant income in retirement:
27 catholicsuper.com.au/calculators Scenario 1: Delaying Retirement. 1 Scenario 2: Pre-tax additional super contributions. Scenario 3: Pre and after-tax additional super contributions.
1. DELAYING RETIREMENT Using the calculator they increase retirement age to 70 for Dean and 66 for Kay.
The reduction in years in retirement reduces the projected lump sum required. 28 catholicsuper.com.au/calculators Comfortable lifestyle: $830,408 Modest lifestyle: $477,190 T o t a l
S u p e r
$435,439
29 1. DELAYING RETIREMENT
1. DELAYING RETIREMENT Three extra years of work would see an improvement in Kay and Deans situation.
While their savings still fall short of the comfortable lump sum, their income would now fund a comfortable retirement lifestyle until Kay reached age 76.
30 catholicsuper.com.au/calculators Try your situation, click here!
2. PRE-TAX CONTRIBUTIONS As an alternative to delaying retirement, Kay and Dean believe they can afford to make pre-tax additional contributions of $3,500 per year. This would be equivalent to approximately $134 per fortnightly pay.
If the contributions come out of Deans income he will benefit from significant tax savings.
2. PRE-TAX CONTRIBUTIONS Pre-tax contributions also offer an improvement on Kay and Deans initial situation.
In this scenario, their $473,947 projected savings would run out by the time Kay reached 75.
33 catholicsuper.com.au/calculators Learn more about pre-tax (salary sacrifice) contributions to superannuation, click here!
3. PRE AND AFTER-TAX CONTRIBUTIONS The couple now want to know how their position will be impacted if they made both pre and after-tax superannuation contributions.
By making yearly contributions of $3,500 pre-tax and $2,000 after tax (both from Deans income), they can expect to retire with a balance of $523,520 to be converted into retirement income. 34 catholicsuper.com.au/calculators $523,520 Modest lifestyle: $500,005 Comfortable lifestyle: $869,503
35 3. PRE AND AFTER-TAX CONTRIBUTIONS
2. PRE AND AFTER-TAX CONTRIBUTIONS This scenario would again take Kay and Dean closer to their dream of a self funded comfortable retirement lifestyle.
By making both pre and after-tax contributions to super they will accumulate enough savings to fund a comfortable lifestyle until Kay reaches age 76. 36 catholicsuper.com.au/calculators Learn more about pre-tax and post-tax contributions to superannuation, click here!
37 How can I make additional contributions to my super?
38 MAKING PRE-TAX CONTRIBUTIONS Contact your pay office and ask them to deduct the contributions from your regular pay.
You will need to specify the amount that you would like to contribute per pay cycle.
catholicsuper.com.au/calculators Click here for more information on making contributions
39 MAKING AFTER-TAX CONTRIBUTIONS catholicsuper.com.au/calculators Contact your pay office and set up the contributions to come out of your regular after-tax pay.
Alternatively, you can pay directly to Australian Catholic Superannuation via BPay, direct debit, cheque or EFTPOS.
Click here for more information on making contributions Easily transfer funds to your super account with BPay Biller Code 444232 Customer Reference no: [Your account number]
40 CONTRIBUTION CAPS catholicsuper.com.au/calculators The government places caps on the amount you can contribute to superannuation each year and there are tax implications for exceeding limits.
For information on superannuation contribution caps, click here.
41 @AusCathSuper
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