GESB

What income do you need in retirement?

'Comfortable' and 'modest' are two terms you might come across often when planning for your retirement. Here's what they mean in the retirement industry:

A comfortable retirement means being able to afford private health insurance, internet at home, running your car and a few luxuries like dining out

A modest retirement means you may need to reduce your current standard of living

Association of Superannuation Funds of Australia (ASFA) has produced the below table^{1, 2} for retirees aged around 65.

The table shows the expected lifestyles for a comfortable retirement, modest retirement and retirement relying on the Age Pension alone.
Home
Comfortable $43,695 a year	Replace kitchen and bathroom over 20 years
Modest $24,270 a year	No budget for home improvements. Can do repairs, but can't replace kitchen or bathroom
Age pension $21,222 a year	No budget to fix home problems like leaky roof
Haircuts
Comfortable $43,695 a year	A Better quality and larger number of household items and appliances and higher cost hairdressing
Modest $24,270 a year	Limited number of household items and appliances and budget haircuts
Age pension $21,222 a year	Less frequent hair cuts or getting a friend to cut your hair
Heating/cooling
Comfortable³ $43,695 a year	Can run air conditioning
Modest³ $24,270 a year	Need to watch utility costs
Age Pension^{2, 4} $21,222 a year	Less heating in winter
Food
Comfortable $43,695 a year	Restaurant dining, good range & quality of food
Modest $24,270 a year	Take out and occasional cheap restaurants
Age pension $21,222 a year	Only club special meals or inexpensive takeaway
Equipment
Comfortable $43,695 a year	Fast internet connection, big data allowance and large talk and text allowance
Modest $24,270 a year	Limited talk and text, modest internet data allowance
Age pension $21,222 a year	Very basic phone and internet package
Clothing
Comfortable $43,695 a year	Good clothes
Modest $24,270 a year	Reasonable clothes
Age pension $21,222 a year	Basic clothes
Holidays
Comfortable³ $43,695 a year	Domestic and occasional overseas holidays
Modest³ $24,270 a year	One holiday in Australia or a few short breaks
Age Pension^{2, 4} $21,222 a year	Even shorter breaks or day trips in your own city
Health care
Comfortable $43,695 a year	Top level private health insurance
Modest $24,270 a year	Basic private health insurance, limited gap payments
Age pension $21,222 a year	No private health insurance
Car
Comfortable $43,695 a year	Owning a reasonable car
Modest $24,270 a year/th>	Owning an older less reliable car
Age pension $21,222 a year	No car or, if you have a car it will be a struggle to afford repairs
Leisure
Comfortable $43,695 a year	Take part in a range of regular leisure activities
Modest $24,270 a year	One leisure activity infrequently, some trips to the cinema or the like
Age pension $21,222 a year	Only taking part in no cost or very low cost leisure activities. Rare trips to the cinema
For more information please see the ASFA website 1 Association of Superannuation Funds of Australia, Retirement Standard, March quarter 2024. 2 Source: http://www.superguru.com.au/retiring/how-much-super-will-I-need. 3 Both budgets assume that retirees own their own home outright and are relatively healthy. 4 Base rate before payment of supplements.

* Required fields

Date of birth *

Gender *

This will help us to estimate your insurance premiums.

Male Female

What is your approximate gross annual salary? *

'Gross' annual salary is the total salary you earn from your employer before tax or other deductions are taken out.

What is your approximate total super balance? *

Enter your total super balance for all accounts you have with GESB and with other funds, except for Gold State Super.

This calculator has been designed to help you work out how long your super and retirement savings are likely to last. This means you will know whether you're on track to enjoy the kind of retirement lifestyle you'd like – and what you can do if you need to boost your retirement savings.

Please remember this calculator provides a projection only, based on certain assumptions. The more information you're able to provide, the more accurate your results are likely to be.

You will need

The amount of your current salary
The approximate value of your assets (which will appear as financial assets such as shares and bank accounts, and personal assets such as a boat, car or contents)
Details of your super account with us and any other super accounts, including your current balance
Your Gold State Super after-tax benefit, if you're a Gold State Super member
Your partner's details for all the items listed above, if you have a partner you would like to include in your calculations

Which GESB account do you have?

West State Super has been chosen as the default account for this calculator. Please check this is the account you have. Each account type listed below uses different calculations to get the results, so it's important you've selected the right account for you. See assumptions for details.

GESB Super You probably have a GESB Super account if you joined GESB on or after 16 April 2007. West State Super You probably have a West State Super account if you joined GESB before 16 April 2007 and after 28 September 1993. Neither

Do you have a Gold State Super account?

You could have a Gold State Super account if you joined GESB before 29 December 1995 and you applied for this type of account.

Yes No

Do you have another super account (not with GESB)?

Yes No

To estimate the amount of Age Pension you may be able to receive as part of your retirement income, it's important to let us know about other assets you have.

Do you own your own home?

This means you either own your home, or have a mortgage on your property.

Yes No

Do you have any assets outside of super?

These assets could include shares, bank accounts, a car, a boat or rental property.

Yes No

What is the combined value of any financial assets you have outside of super?

Financial assets (such as shares and bank accounts) are subject to deeming rates when calculating the Age Pension.

What is the combined value of your personal assets you have?

Personal assets (such as a car, boat or contents) are included in the assets test to assess whether you are eligible for the Age Pension.

What is the combined value of any other assets you have outside of super?

Other assets (such as a rental property) are not subject to deeming rates when calculating the Age Pension.

Your annual income in retirement is set at

Your after-tax balance at retirement is likely to be

Your super is likely to last until you're

How much more you may need*

What income do you need in retirement?

'Comfortable' and 'modest' are two terms you might come across often when planning for your retirement. Here's what they mean in the retirement industry:

A comfortable retirement means being able to afford private health insurance, internet at home, running your car and a few luxuries like dining out
A modest retirement means you may need to reduce your current standard of living

Association of Superannuation Funds of Australia (ASFA) has produced the below table^{1, 2} for retirees aged around 65.

The table shows the expected lifestyles for a comfortable retirement, modest retirement and retirement relying on the Age Pension alone.

Comfortable³
$44,183 a year

Modest³
$28,220 a year

Age Pension^{2, 4}
$24,552 a year

Home

Replace kitchen and bathroom over 20 years

No budget for home improvements. Can do repairs, but can't replace kitchen or bathroom

No budget to fix home problems like leaky roof

Haircuts

Better quality and larger number of household items and appliances and higher cost hairdressing

Limited number of household items and appliances and budget haircuts

Less frequent hair cuts or getting a friend to cut your hair

Heating/cooling

Can run air conditioning

Need to watch utility costs

Less heating in winter

Food

Restaurant dining, good range & quality of food

Take out and occasional cheap restaurants

Only club special meals or inexpensive takeaway

Equipment

Fast internet connection, big data allowance and large talk and text allowance

Limited talk and text, modest internet data allowance

Very basic phone and internet package

Clothing

Good clothes

Reasonable clothes

Basic clothes

Holidays

Domestic and occasional overseas holidays

One holiday in Australia or a few short breaks

Even shorter breaks or day trips in your own city

Health care

Top level private health insurance

Basic private health insurance, limited gap payments

No private health insurance

Car

Owning a reasonable car

Owning an older less reliable car

No car or, if you have a car it will be a struggle to afford repairs

Leisure

Take part in a range of regular leisure activities

One leisure activity infrequently, some trips to the cinema or the like

Only taking part in no cost or very low cost leisure activities. Rare trips to the cinema

For more information please see the ASFA website 1 Association of Superannuation Funds of Australia, Retirement Standard, March quarter 2024. 2 Source: http://www.superguru.com.au/retiring/how-much-super-will-I-need. 3 Both budgets assume that retirees own their own home outright and are relatively healthy. 4 Base rate before payment of supplements.

Page last updated 13 December 2024

Disclaimer Assumptions

Super/Pension type	Plan type	Investment returns
GESB Super	Growth plan	6.70%
	My GESB Super plan	6.30%
	Sustainable Balanced plan	6.00%
	Balanced plan	5.70%
	Conservative plan	4.90%
	Cash plan	3.00%
West State Super	Growth plan	6.90%
	Sustainable Balanced plan	6.50%
	My West State Super plan	6.30%
	Conservative plan	5.40%
	Cash plan	3.60%
RI Allocated Pension	Growth plan	7.40%
	Sustainable Balanced plan	6.80%
	Balanced plan	6.60%
	Conservative plan	5.60%
	Cash plan	3.60%

Asset type	Growth rate	Income rate
Financial assets (such as shares and bank accounts)	2.50%	3.00%
Personal assets (such as a car or boat)	2.50%	0%
Other non-financial investment assets (such as a rental property)	2.50%	3.00%

What income do you need in retirement?

Your employer contribution

Your partner's employer contribution

Fees pw

Would you like to copy the following information from your statement summary to help complete the calculator questions?

Date of birth *

Gender *

What is your approximate gross annual salary? *

What is your approximate total super balance? *

Which GESB account do you have?

Do you have a Gold State Super account?

What is your approximate Gold State Super benefit estimate (after tax) at retirement?

Do you have another super account (not with GESB)?

How much super is in your West State Super account?

How much super is in your other account(s)?

Which account does your employer pay your current super into?

Do you make extra contributions to your super?

How often do you make a salary sacrifice (before-tax) contribution?

How much do you contribute each time?

How often do you make after-tax contributions?

How much do you contribute each time?

Do you intend to make a one-off after-tax contribution in the future?

At what age would you be likely to make the one-off after-tax contribution?

How much do you think you would contribute?

Do you intend to make a second one-off after-tax contribution?

At what age would you be likely to make the second one-off after-tax contribution?

How much do you think you would contribute?

Do you intend to make a third one-off after-tax contribution?

At what age would you be likely to make the third one-off after-tax contribution?

How much do you think you would contribute?

Do you intend to make a fourth one-off after-tax contribution?

At what age would you be likely to make the fourth one-off after-tax contribution?

How much do you think you would contribute?

Do you intend to make a fifth one-off after-tax contribution?

At what age would you be likely to make the fifth one-off after-tax contribution?

How much do you think you would contribute?

Are you planning a career break?

At what age are you planning to take your career break?

At what age are you planning to go back to work?

Are you planning to go back to work the same number of hours you do now?

How many hours per week do you work now?

How many hours per week will you work when you go back?

Do you intend to go back to work the same number of hours you work now at any stage?

At what age are you planning to go back to work the same hours as you work now?

Are you planning a second career break?

At what age are you planning to take your second career break?

At what age are you planning to go back to work after your second career break?

Are you planning to go back to work the same number of hours you do now?

How many hours per week do you work now?

How many hours per week will you work when you go back from your second career break?

Do you intend to go back to work the same hours per week you work now at any stage after your second career break?

At what age are you planning to go back to work the same number of hours as you work now after your second career break?

Are you planning a third career break?

At what age are you planning to take your third career break?

At what age are you planning to go back to work after your third career break?

Are you planning to go back to work the same number of hours as you do now?

How many hours per week do you work now?

How many hours per week will you work when you go back after your third career break?

Do you intend to go back to work the same number of hours as you work now at any stage after your third career break?

At what age are you planning to go back to work the same number of hours as you work now after your third career break?

Do you have a partner you would like to include in your retirement planning calculations?

Your partner's date of birth

Your partner's gender

Is your partner retired?

What date did your partner retire?

What is the approximate balance of your partner's retirement account?

What is your partner's approximate gross annual salary?

What is your partner's approximate total super balance?

Which GESB account does your partner have?

Does your partner have a Gold State Super account at retirement?

What is your partner's approximate Gold State Super benefit estimate (after tax)?

Does your partner have another super account (not with GESB)?

How much super is in your partner's West State Super account?

How much super is in your partner's other account(s)?

Which account does your partner's employer pay their super into?

Does your partner make extra contributions to their super?

How often does your partner make salary sacrifice (before-tax) contributions?

How much does your partner contribute each time?

How often does your partner make after-tax contributions?

How much does your partner contribute each time?