How much income will you need in retirement?

Important information about this calculator.

As a rough guide, many retirees target a retirement income of 50-70% of their pre-retirement salary. This is because even though you have to consider expenses in retirement like medical bills, house maintenance and travel, you probably do not have to worry about costs like school fees, transport to work, work clothes, superannuation, union fees and loans.

This calculator will help you estimate what you may need as your annual income in retirement.

To calculate how much money you are likely to need at the time of your retirement, follow these steps

Step 1 - Enter details Step 2 - Display results Step 3 - What now?

Income details  Current gross salary (per annum) $   Less tax and medicare levy plus tax offset $ 0  Net salary $ 0  Percentage of current net salary you wish to live on during retirement $ 50%60%70%80%90%100%110%120%  Income in retirement  Yearly retirement income (after tax)  -$0   Weekly retirement income (after tax)  $0  Not sure if you have enough income for retirement? Our Financial Advisers are specialists in the area of retirement planning. To find out more about planning for your retirement contact ClearView via:   1. Request a meeting with a ClearView Financial Adviser or Phone 132 976 2. Existing clients Phone 132 977 3. Send a letter to ClearView Retirement Solutions GPO Box 3382, SYDNEY NSW 2001 4. Email us at enquiries@clearview.com.au

Assumptions
1.	Income tax used is the personal marginal income tax rates plus Medicare levy effective from 1 July 2007 with a tax-free threshold and no leave loading. The income tax calculation takes into account the Low Income Tax Offset calculation effective 1 July 2007. The Medicare levy rate used is 1.5% for salaries greater then $16,740. No Medicare levy is calculated for salaries entered below this limit. The Medicare levy surcharge has not been included in this calculator.
2.	No allowance has been made for fees.
3.	There is no allowance for inflation or investment rates.
4.	There are no projections made in this calculator.
5.	Insurance has not been allowed for in this calculator.
If these assumptions are different to your situation the calculations will not be correct.
Disclaimer
1.	This "How much income will you need in retirement?" calculator is based on our interpretation of superannuation and taxation legislation as at 1 July 2007.
2.	This "How much income will you need in retirement?" calculator does not replace personal financial product advice and you should seek specific professional advice prior to acting on any information.
3.	ClearView gives no assurance that this "How much income will you need in retirement?" calculator is free of errors or suitable for any user's intended purposes.
4.	To the extent permitted by law, ClearView will not be liable for any damages or loss suffered by the user or anyone else from use of this "How much income will you need in retirement?" calculator.
5.	Any advice in this "How much income will you need in retirement?" calculator is general advice only and does not take into account your individual objectives, financial situation or needs ("personal circumstances"). Before acting on it you should consider the appropriateness of it, taking into account your personal circumstances. ClearView Financial Advisers are representatives of ClearView Financial Management Limited. © 2007 ClearView Financial Management Limited ABN 99 067 544 549 AFS Licence No. 227677.

Important Information: This calculator has been developed to help consumers determine a level of retirement income. It is provided as a guide only.