Retirement planning is about having enough money to live on when you stop working. These ideas underpin the retirement and super tools.
What is “my retirement number”?
Your retirement number is the amount of capital (savings and investments) you need so that the income from it—plus any pension—covers your desired lifestyle. It depends on how much you want to spend each year and how long you expect to live.
What is the burn factor?
Burn factor is how quickly you use your savings. If you spend a lot relative to what you have, your money runs out sooner. Understanding it helps you see the link between spending and how long your money lasts.
How does super fit in?
Super is money set aside for retirement, usually with tax benefits. Contributions from your employer and any extra you add grow over time. A super optimizer helps you see the effect of extra contributions and how they can improve your balance at retirement.
What about education funding?
Education funding is saving for future education costs—yours or your family’s. Planning early and putting money aside regularly can reduce the need for debt later. The calculator helps you see how much to save and over what period.