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Tools to help me check on my retirement

First up…. I’m a financial planner, not an artist! Ha!

But seriously, one of the best things you can do to have a great retirement is to find out how you’re tracking. Then you can move towards bridging any gaps and make plans for the future.

There are many online calculators you can use, but here is an easy starting point.

1. The Association of Super Fund’s (ASFA) website - Super Guru
ASFA have some free online resources, one of which is ‘how is my retirement tracking’.

https://www.superguru.com.au/calculators

This calculator is simple to use and has good graphics. What it budgets for in retirement is based on their retirement standard of ‘modest’ or ‘comfortable’, more information can be found here:

https://www.superannuation.asn.au/resources/retirement-standard

2. The Australian Securities and Investment Commission (ASIC - the financial regulator) website - Money Smart.

https://moneysmart.gov.au/retirement-income/retirement-planner

The Money Smart calculator isn’t as visually rich, however, you can tailor the ‘assumptions’ to cater for your actual fees, along with the returns correlating to your risk profile.

Depending on your super fund, you may have an online tool already! Make sure you check that out too!

Any variance between projections (if you look at them all) will be because the assumptions built into the underlying calculator will be different. E.g. one might have 7.5% returns and the other 5.5%

This is a very rich area in terms of knowledge, so try and take in a bite-sized piece at a time to avoid being overwhelmed.

Happy researching!

A Brighter Future