This amount and social security will be deducted from "annual income required" to calculate the amount of income your retirement fund will have to support. For example, if you expect a pension from an employer, enter the annual pension amount. Other annual income - if you expect income from other sources besides your retirement saving and government social security or pensions enter the annual amount. This amount plus any income from other sources will be deducted from "annual income required" to calculate the amount of income retirement your savings will have to generate. Your income will increase by this amount.Įxpected income from gov't - if you expect social security income or a government pension enter the annual amount. You could use the same percentage as you use for "ROI for retirement savings" however, normally after one retires they invest their money in assets that are more conservative and that generates a lower rate of return.Īnnual inflation rate - if you want to increase your retirement income, then enter an estimated inflation rate. ROI during retirement - your rate of return on your investments after you retire. The calculator assumes your last contribution will be in the prior year and your first withdrawal will be at your retirement age. You want to retire at what age - the age you want to retire. If you were to put your money in a standard saving account (not necessarily a good idea), then this would be the annual interest rate paid on the account. There are two things that most people should aim for by the time they hit 50, according to Jay Zigmont, Ph.D. ROI for retirement savings - (return on investment) your expected, annualized average return on your investments. Generally speaking, the older you are, the higher the amount will have to be for you to reach your retirement income goal.Ĭurrent retirement savings - if you have already started saving, enter the total amount in your retirement account. For example, if you expect to contribute 3% more each year and you expect inflation to average 2% a year, then enter 1% since 2% is going to be eaten up by the impact of inflation.Īnnual contribution toward retirement - enter the amount you plan to save for your retirement fund. If you want to allow for inflation, then enter an amount LESS than your assumed average annual inflation rate. Enter the annual average increase that you expect. Retirement income lasts until age - if "For retirement income, withdraw only interest" is not checked, then your retirement plan will assume you do not expect any income from your investments beyond this age.Īnnual contribution increase - assumes your annual contribution will go up over the years. Your current age - or the age you plan to start saving/investing. There are various details which we point out that are important to understand. Issued by Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365.Though many, if not all, of the inputs will be self-explanatory at a basic level, we suggest that you review the below information. Aware Super financial planning services are provided by Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. You should also read our Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a decision about Aware Super. Before taking any action, you should consider whether the general advice contained in this website is appropriate to you having regard to your circumstances and needs and seek appropriate professional advice if you think you need it. Further this website does not contain, and should not be read as containing, any recommendations to you in relation to your product. We have not taken into consideration any of your objectives, financial situation or needs or any information we hold about you when providing this general advice. This website contains general advice only.
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