Savings Plan Calculator
Waiting to begin your savings plan can have a huge impact on your results. A delay of even a few years could cost you thousands of dollars. This calculator helps show you how much postponing your savings plan can really cost.
Click the "View Report" button to see a year by year breakdown of the future income and expenses.
Click the "View Definitions" button to read a description of the various fields and definitions.
Definitions
- Years to wait
The number of years you may wait before beginning your saving plan. The calculator delays your new contributions for the number of years entered in this field.
- Starting amount
The starting balance or current amount you have invested or saved. For this calculator, we assume your current savings is earning your annual rate of return whether you decide to delay your new contributions or not. For example, if you have a current balance of $1,000 and never make any new contributions, your delayed and non-delayed results will be the same.
- Years
The total number of years you are planning to save or invest i.e. the planned duration of the savings plan
- Rate of return
This is the annual rate of return you expect from your investment. The actual rate of return is largely dependent on the type of investments you select.
For example, the ASX 300 has returned an average of 10.64% annually since its inception while deposits in a bank savings account can pay as little as 1% or less.
It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
- Additional contributions
The additional amount/s that you plan to add to your savings or investment each period and the frequency that these additional contributions will be made. The options include monthly, quarterly and annual contributions. This calculator assumes that you make your contributions at the beginning of each period.
Disclaimer
This calculator is intended to provide general information only and has been provided by HNW Planning Pty Ltd ABN 42 083 745 055 (AFSL number 225216) to assist in planning your retirement without specifically taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of this information having regard to your personal objectives, financial situation or needs.
This calculator is only intended to be a general illustration. It cannot, and does not try to, predict any particular persons final retirement benefit. Invested benefits can be affected by sudden changes to your individual circumstances, legislation, investment earnings, tax and inflation.
You should not rely on this tool when making decisions about a particular superannuation fund or strategy. We recommend you obtain financial advice specific to your situation from an Australian Financial Services Licensee or one of their Authorised Representatives before making any financial investment or insurance decision.
HNW Planning Pty Limited, Suite 17c 8-12 Karalta Rd Erina NSW 2250