Click Next or the About You tab to see how much you could potentially add to your retirement savings by making small changes to your spending on everyday items. You can also click on an icon above to see an example.
The Small Change, Big Savings calculator is not a recommendation and is not intended to be an exact figure. It is intended to assist you in assessing the effects your contributions and investment choices may have on your retirement outcome. The estimate may change in the future as it does not take into account any changes in the cost of living between the time of the preparation of the estimate and the future time or future changes to laws after the date of preparation of these assumptions. Estimates are in today's dollars (present value).
Do not rely on this calculator to make decisions about your retirement. You should consider your own needs, financial situation and investment objectives and may wish to get advice from a licensed financial adviser before making any financial decisions.
Savings are assumed to be added as regular, after-tax monthly contributions into your superannuation account. Monthly amounts are calculated by dividing the yearly calculation by 12. Super contribution limits are ignored.
Any contribution limits relating to a specific savings account are ignored. The calculator assumes all contributions can be saved without additional tax or fees.
Investment returns are assumed to be consistent for the duration of the savings period.
Fees and insurance premiums are assumed to be as follows:
0.25% p.a. (of your account balance) subject to a cap of $600 p.a.
Fees are assumed to be tax-deductible in the fund. Insurance fees are ignored.
The costs of the everyday items are estimates and do not necessarily represent the exact cost to you if you were to give up the item, at the specified frequency, as represented in the calculator.
The cost of each everyday item shown in the calculator is assumed to remain the same for the duration of the savings period. The effects of inflation on the cost of the item are ignored meaning the increase in savings is shown in today’s terms.
There are no fees, costs or taxes that are taken into account when calculating your total savings.
When calculating how much extra you could save, it is assumed your investment period ends at age 67.
The model/tool relies on both price inflation and wage inflation assumptions as detailed below. The assumptions of our default indexation rate of 2.7% per annum (CPI of 2% plus a rate of 0.7% with respect to increase in living standards) and wages growth of 2.5% per annum have been adopted in the context of continuing low price and wage inflation in Australia, with recent annual figures actually below these assumed rates.