My Retirement Planner will give you a retirement confidence score. This score shows how close you are to your target retirement goal. It also gives you a super helpful step by step action plan to help you reach your retirement goal.
Understanding your results
Congratulations on taking the first step and using My Retirement Planner to take control of your retirement.
There are three parts to your results:
- your projected super balance
your projected income
your retirement confidence score.
Your projected balance is an estimate of how much you’ll have when you retire. The projected income shows how much you should access each year to make your balance last. This includes any income you can get from the Government Age Pension.
Below you’ll find out more about the retirement confidence score, and how you can grow your super and improve your score. Remember, we’re always here to help you along the way.
It's important to understand the My Retirement Planner tool and score is based on certain assumptions. While we believe these assumptions are reasonable, actual outcomes may be different.
What is a retirement confidence score?
Your retirement confidence score shows if you’re on track to reach your income goal – and lifestyle goals – in retirement, and how to start making changes if you need to.
You can increase your score by:
- changing some of your actions, or
- rethinking the lifestyle you’d like to have.
How we calculate your score
Your score is based on:
- all the details you share with us
- your retirement goals, and
- financial market projections. These take into account the possible ups and downs of investment markets.
To see how likely you are to achieve your target lifestyle, we compare your details against a realistic view of how the future might unfold.
This gives you your retirement confidence score.
Understanding your score
Your retirement confidence score is between 0 and 100. The higher the score, the more likely you are to have a retirement income close to what you want, based on when you want to retire.
What’s a good score?
A score of 100 means you’ll likely achieve 100% of your retirement income goal. Because markets move and returns aren’t always easy to predict, this score is very hard to get.
Ways you can improve your score
If you need to make changes, don’t worry. It’s never too late (or too early) to strengthen your retirement plans. You can boost your score by making changes like:
- Changing your target retirement income
- Updating your investment strategy
- Adding more to your super
- Pushing back your retirement age