Find out how much money you could have when you retire

Are you on track for your retirement?

Not sure how much super you're likely to have when you retire, or whether it’ll be enough to fund your dream lifestyle? You’re not alone. In fact, according to AMP research, nearly two in five Australians under 50 wish they’d started thinking about retirement in their 20s¹. 

The good news is you can get a clear snapshot of how you're tracking today and make any adjustments needed for the future. In just a few minutes, AMP’s Retirement Simulator shows your projected super balance, estimated future income, and how long it could last. It even highlights how Lifetime solutions like the award-winning AMP Super Lifetime Boost could maximise your future income, with no extra effort or fees.

Why should you start thinking about your super now?

Depending on your age, retirement may feel like a long way away. So why should you be thinking about it now? Maybe you’re juggling rent, mortgage payments, or saving for your next holiday – so your super probably isn’t top of mind. 

But starting now can make a big difference in the long run. Time is your greatest asset when it comes to super. The longer you leave your money sitting in a super fund with strong returns, the more it can grow through compound interest and returns. Even small actions today, like reviewing your investment options or making the most of your fund’s features, could help set you up for a better future.

How to plan for the retirement you want 

Knowing how much super you should have for your age and where you stand today gives you time to take action, adjust your strategy, and grow your savings while you’re still in your prime earning years. 

Making the right investment choice can help with your retirement goals. Growth investments can be a good fit for those aiming for moderate to high returns and are comfortable with some volatility and medium risk to get there. It gives more flexibility for calculated risks that could pay off later. To help decide what investment approach might suit you, it’s a good idea to speak to a financial adviser – AMP Super members can access personalised digital advice with no extra fees to help make this decision easier.

Of course, the right approach is goal dependent – when you want to retire, how much you’ll need, and your attitude to risk. But thinking about these things now, including how much money you might need in retirement, can help you plan for the lifestyle you want in the future.

Your personalised retirement forecast

But how do you figure out if you’re on track? That’s where AMP’s Retirement Simulator comes in. Answer a few quick questions and it will give you a tailored projection in just minutes, with insights into how your super is tracking, your estimated retirement balance and how long your money might last. 

It also shows you how the Lifetime solutions such as AMP Super’s Lifetime Boost  could help turn your super into a higher overall income stream in retirement that lasts for life. You can even experiment with your retirement projection by adjusting your goals to see how the choices you make today and in the future can create different outcomes.

What are AMP's Lifetime solutions and how can this boost my retirement income?

You can explore how AMP’s Lifetime solutions could increase your retirement projection by toggling the feature in AMP’s Retirement Simulator. Displayed in an easy-to-understand graph, it shows how this award-winning feature could potentially add years of extra financial support, helping you enjoy a better retirement. Curious to know how it works? In a nutshell, it works automatically in the background to boost your Age Pension eligibility by changing how your super is assessed.