Thinking about money is scary. Establishing a plan to fund your retirement/superannuation and executing it is another level. It’s scary, it’s complicated, and the industry seems to speak a different language.

Unfortunately, crossing your fingers and praying, isn't a "fruitful" strategy.  You run the risk of running out of money at 75.

You’ve probably Googled "best retirement calculator apps" and been hit with a million options. Some aren't fit for purpose, and others are just trying to sell you a dodgy investment product.

Why Most "Calculators" Can be Misleading

Since 2021 and APRA required Superfunds to provide a calculator, most have opted for a simple "cookie-cutter" approach.

They often assume:

• Inflation doesn't exist (your groceriy shop alone has increased by 33% since 2021).
• Bad days don't occur in the stock market.
• You won’t spend money on things like travel, a new car or your childs education.
• You don't have a spouse or loved ones
• Has no consideration for your life expectancy (i.e how big your nest egg should be)
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They often just give you a chart which isn't based in reality. And the worst part, after filling in your results, you are left wondering - "so what"?

Top-Rated Retirement Calculators in Australia

Here are the tools I reckon are worth your time.

1. Delphi - IQ

My passion project. Designed to address the issues I saw in every other calculator.

• The Good: Independent. Considers all asset related items (i.e. property, stocks, super etc). Considers tax and pension implications. Able to jointly manage a spouses assets as well. Able to set goals and additional spending. Models good, normal, bad scenarios. Provides a target assets you should have to fund your retirment needs and also provides a contribution target.
• Best for: People between the ages 25-45 who want to level-up their finances and 45-60 year old's who are anxious about not being "ready".

2. Moneysmart Retirement Planner

If you want an unbiased starting point, the government’s Moneysmart tool is solid.

• The Good: It’s independent. It splits your income between Super and the Age Pension, so you can see exactly how the government top-ups might help you.
• The Bad: It’s a bit basic. It’s great for a "napkin calculation," but it struggles with real-life messiness-like inflation, goals outside of retirement/super.
• Best for: A quick 5-minute check-in to see if you’re in the ballpark, however that said, Delphi - IQ also takes roughly the same amount of time.

3. Your Super Fund’s App

Whether you’re with AustralianSuper, Australian Retirement Truest, or Hostplus, your own fund usually has a calculator behind their login.

• The Good: It pulls your actual balance automatically, so you don’t have to dig around for paperwork. It also uses your actual fees.
• The Bad: They are designed to keep you in the fund. They might not be great at modelling investments you have outside of their fund (like an investment property or a partner’s super). Often inflation is not considered.
• Best for: Seeing where your current fund thinks you are heading.

What to Look for

When you’re testing these out, make sure you check these three things:

1. Inflated expenses: Does the calculator assume that your expenses increase over time? If not, it's likely inflation is not considered
2. Goal setting: Can you set spending and life goals as well?
3. Scenario planning: Does the calcualtor give you an idea of what good and bad luck would look like?
4. Toggle-ability: Can you change inputs to see how it'll affect your future?
5. Take-away: At the end of your experience, do you have a better understanding on what to do to make your retirement happen?