What's My Number simulator is designed to give you a sense of how much you may need to retire on to fund the retirement lifestyle you want based on expenditure estimates of over 65 year old Australians, your inputs and a number of key assumptions.
It is intended as an educational tool, helping you see whether an estimate of your projected superannuation at your chosen retirement age could pay for the levels of retirement lifestyle expenditure that you have chosen from the available expenditure categories (e.g. Holidays, Hobbies).
The comparison between your projected superannuation balance and the lifestyle expenditure you choose for retirement is based on low, medium and high levels of average actual expenditure of over 65 year olds from recent ABS survey data, and has been derived as per the assumptions outlined in this simulator. In addition, your projected super balance is able to be adjusted with the following variables:
- the age at which you will retire
- your estimated investment returns
- Superannuation Guarantee (SG) contribution percentages
- additional voluntary contributions
- administration and advice fees
- insurance premiums
All results are shown in today's dollars. This means that, to take inflation into account, we have made an assumption to apply a steady rate of wage inflation to discount the projected dollar amounts back to today's dollars.
However, the What's My Number simulator is a financial model and, as such, cannot accurately predict your super balance or the effects of drawing a retirement income from your super. While the information you provide impacts the simulator's results, the simulator cannot incorporate every factor that will influence the actual outcome achieved by your superannuation investments. You could get more or less than the amount projected. The amount you get will depend on:
- Your personal circumstances: unexpected things tend to happen in life. You may decide, or find you need, to take time out of the work force. You may also move to a lower or higher paying role or even change careers. As a model, the What's My Number simulator cannot predict or take account of your individual situation and assumes you make steady contributions to your super until retirement and receive steady retirement income payments from your super in retirement.
- Unpredictable external factors beyond your control, such as investment earnings, tax and inflation. The What's My Number simulator assumes these will occur at set, steady rates over your working life. Although this may seem somewhat simplistic, these assumptions are essential to allow the simulator to demonstrate the effect of things you may be able to control.
We have had to make a number of assumptions to provide you with the results of the simulator. This means that the results are illustrative only. We do not guarantee that you will achieve the results nor are they a reliable forecast or an estimate.
While the What's My Number simulator is a useful starting point, it cannot replace professional financial advice and should not be used as the basis for any investment decision. Before making any financial decisions, you should work with a professional financial planner who can help you to develop a plan based on your personal situation, time to retirement, risk profile and life goals.
It is important to note that the What's My Number simulator does not record or store any of the data you enter for future use in any other AMP planning or simulator tool.
The What's My Number simulator is issued by AMP Life Limited, ABN 84 079 300 379, AFS Licence No. 233671 ("AMP Life"). Neither AMP Life nor any of its related companies are liable (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential or special loss or damage arising out of or in any way connected with your access to or use of the simulator.
The "What's my number?" calculator is intended for your personal use only as it contains some of your personal details so you should not allow anyone else to use or access it. AMP Life Limited will not be liable for any loss that you or anyone else suffers as a result of such use or access.”