How to Use a Superannuation Calculator


Superannuation is a critical aspect of financial planning for Australians. It’s not just a retirement savings account; it is a financial lifeline. As we move into 2023, there have been significant changes in the superannuation landscape, impacting the rate at which retirement savings grow. In this comprehensive guide, we will walk you through using a superannuation calculator to estimate your retirement savings, considering the latest superannuation rate changes. Understanding how to use this tool is crucial for every working Australian. Plus, we will provide valuable insights into how platforms like can help you manage your superannuation more effectively. 

Superannuation Changes in 2023 

Before we dive into the nitty-gritty of using a superannuation calculator, let’s first address the superannuation rate changes for 2023. The superannuation rate is the percentage of your income that goes into your superannuation fund. As of July 1, 2023, the superannuation rate is set to increase to 11%. This means that both you and your employer will contribute a higher percentage of your income to your superannuation fund

The Importance of a Superannuation Calculator 

A superannuation calculator is a valuable tool for every Australian worker. It allows you to estimate how much money you will have saved by the time you retire based on your current contributions and other factors. Here’s why it is essential: 

1. Financial Clarity: A superannuation calculator provides clarity about your retirement savings, helping you set realistic financial goals. 

2. Planning for the Future: It allows you to plan for your retirement by understanding how your contributions today impact your future financial security. 

3. Adjusting Your Strategy: With a calculator, you can adjust your superannuation contributions and investment strategies to meet your retirement goals. 

Using a Superannuation Calculator: Step by Step 

Now, let us demystify the process of using a superannuation calculator to estimate your retirement savings. Follow these steps: 

Step 1: Gather Your Information 

Before you start using the calculator, gather the following information: 

  • Your current superannuation balance 
  • Your annual income 
  • Your age 
  • The age at which you plan to retire 
  • Your expected annual salary increases (if any) 

Step 2: Access a Reliable Superannuation Calculator 

There are various superannuation calculators available online. Ensure you choose a reliable one, such as the calculator provided by 

Step 3: Enter Your Information 

Enter the information you gathered into the calculator. You will typically find fields for your current superannuation balance, annual income, age, expected retirement age, and salary increases. 

Step 4: Factor in Superannuation Rate Changes 

With the superannuation rate set to increase to 11% in 2023, make sure to select the appropriate rate in the calculator. This change will impact your retirement savings significantly. 

Step 5: Review the Results 

After entering all the necessary information, the calculator will provide you with an estimate of your retirement savings. This estimate will be based on your current contributions, the expected rate of return on your investments, and the superannuation rate

Step 6: Adjust Your Strategy (If needed) 

Depending on the results, you may want to adjust your superannuation strategy. You can explore options such as increasing your contributions or diversifying your investments to achieve your retirement goals. Your Superannuation Ally 

While a superannuation calculator is an excellent tool for estimating your retirement savings, managing your superannuation effectively goes beyond calculations. This is where platforms like come into play. Here’s how they can assist you: 

1. Superannuation Search: can help you locate any lost or forgotten superannuation accounts, ensuring all your retirement savings are accounted for. 

2. Consolidation Assistance: They simplify the process of consolidating multiple superannuation accounts, reducing fees, and streamlining your retirement savings. 

3. Expert Guidance: With a team of superannuation experts, provides personalized advice to optimize your superannuation strategy. 

Conclusion: Secure Your Financial Future 

Understanding the impact of superannuation rate changes and utilizing a superannuation calculator are crucial steps in securing your financial future. As the superannuation rate increases to 11% in 2023, it is essential to be proactive in managing your retirement savings. 

Start by using a reliable superannuation calculator to estimate your retirement savings based on the latest rate changes. Then, consider platforms like to help you manage your superannuation effectively. With the right tools and guidance, you can take control of your financial destiny and enjoy a comfortable retirement. Contact us today.


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ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions.

As of 17 April 2020, these calculators will use a single set of assumptions.

The default assumptions in this calculator are based on Treasury’s long-term retirement income models. For more information on Treasury’s long-term retirement income modelling assumptions see the 2019 Treasury Research Institute paper ‘Accumulation of superannuation across a lifetime.


The calculator works for accumulation funds only. It will not work for defined benefit funds.

We assume your account balance will receive all income and outgoings mid-year, apart from Government co-contributions which we assume are received at the end of the year.

Results are in today’s dollars

Results are shown in today’s dollars, which means they are adjusted for inflation.

Inflation assumptions

We make the following default assumptions on inflation (which you can change under the ‘Advanced  – insurance and inflation’ section that appears below calculator results):

  • 2.5% each year due to the rising cost of living (CPI inflation)
  • A further 1.5% each year due to the cost of rising community living standards


We assume that your employer contributes an amount equal to 10.5% of your ordinary time earnings (you can change this in ‘You and your super fund’).

In future years we assume that:

  • Your employer and voluntary contributions will increase with inflation
  • You will satisfy the Work test at older ages and so are able to contribute
  • From 1 July 2021, the SG rate used for the default employer contribution rate is 10%. The SG rate is assumed to increase by 0.5% per annum until the SG rate reaches and stays at 12% from 1 July 2025 onwards.

Investment return

We make the following default assumptions for investment return and earnings tax:

  • Investment return before investment fees and earnings tax of 7.5% each year
  • An effective tax rate on investment earnings of 7.0%.

Actual returns will vary significantly from year to year and could be negative in some years, particularly for investment mixes where more is invested in shares and property. This calculator does not allow for such variations. You can vary assumptions in ‘You and your super fund’ and ‘Compare alternative fund’.

There is a lot to consider when comparing investment options between funds. Risk and return objectives and asset allocation within investment options may differ between funds and should be taken into account when comparing funds.

Further information

  • Super contributions must remain in super until you have met a condition of release. Weigh up the benefits of extra super against your other priorities, for example paying off your credit cards.
  • You will need to refer to your latest super account statement.


  • This is a model, not a prediction.
  • The results from this calculator are based on the limited information that you have provided and assumptions made about the future. The amounts projected are estimates only provided by this model and are not guaranteed.
  • This calculator cannot predict your final superannuation benefit with certainty because this will depend on your personal circumstances including unexpected events in your life and external factors such as investment earnings, tax and inflation. This calculator assumes that you can make steady, predictable contributions and that all assumptions including these external factors will operate at set, steady rates for as long as you remain in the fund, even if events turn out differently from what’s assumed. These assumptions are essential so the calculator can show the effect of things you may be able to control, such as choosing a low-fee fund.
  • You should consider updating the projections provided by this model regularly as your circumstances may have changed. You can also change and update some of the assumptions to reflect your personal circumstances.
  • Do not rely solely on this calculator to make decisions about your retirement, there may be other factors to take into account. Consider your own investment objectives, financial situation and needs. You may wish to get advice from one of our licensed financial advisers.

How do I find my TFN?​

If you do not know your tax file number you can locate it via your income tax assessment, employee payment summaries, MyGov online account or you can call the ATO directly on 13 28 61 and request it over the phone.

Why we require your Tax File Number (TFN)?

Lost Super Finder will use the ATO portal to track down your Lost and Missing super accounts. Without a valid TFN being supplied, we are unable to complete the superannuation search for you.