Account-Based Pension Calculator (2026–27)
Start with your pension balance and age at 1 July, apply the legal minimum withdrawal each year, and test how planned income, returns, fees and inflation affect how long your super may last.
Published by GrowThenDraw Editorial Team · Editorial policy · Methodology & sources
Year-by-year pension projection
| Year | Age | Opening | Minimum | Withdrawal | Earnings | End balance |
|---|---|---|---|---|---|---|
| 1 | 67 | $600,000 | $30,000 (5%) | $40,000 | $25,453 | $585,453 |
| 2 | 68 | $585,453 | $29,270 (5%) | $41,000 | $24,789 | $569,242 |
| 3 | 69 | $569,242 | $28,460 (5%) | $42,025 | $24,052 | $551,269 |
| 4 | 70 | $551,269 | $27,560 (5%) | $43,076 | $23,236 | $531,429 |
| 5 | 71 | $531,429 | $26,570 (5%) | $44,153 | $22,338 | $509,614 |
| 6 | 72 | $509,614 | $25,480 (5%) | $45,256 | $21,352 | $485,709 |
| 7 | 73 | $485,709 | $24,290 (5%) | $46,388 | $20,273 | $459,594 |
| 8 | 74 | $459,594 | $22,980 (5%) | $47,547 | $19,096 | $431,143 |
| 9 | 75 | $431,143 | $25,870 (6%) | $48,736 | $17,816 | $400,224 |
| 10 | 76 | $400,224 | $24,010 (6%) | $49,955 | $16,427 | $366,696 |
| 11 | 77 | $366,696 | $22,000 (6%) | $51,203 | $14,922 | $330,415 |
| 12 | 78 | $330,415 | $19,820 (6%) | $52,483 | $13,296 | $291,227 |
| 13 | 79 | $291,227 | $17,470 (6%) | $53,796 | $11,540 | $248,972 |
| 14 | 80 | $248,972 | $17,430 (7%) | $55,140 | $9,649 | $203,481 |
| 15 | 81 | $203,481 | $14,240 (7%) | $56,519 | $7,615 | $154,577 |
| 16 | 82 | $154,577 | $10,820 (7%) | $57,932 | $5,430 | $102,075 |
| 17 | 83 | $102,075 | $7,150 (7%) | $59,380 | $3,085 | $45,780 |
| 18 | 84 | $45,780 | $3,200 (7%) | $46,454 | $674 | $0 |
The legal minimum changes as you age
An account-based pension must pay at least a prescribed percentage of its balance each financial year. The percentage is based on your age and account balance at 1 July: 4% under 65, then 5%, 6%, 7%, 9%, 11% and 14% across the later age bands.
The minimum is rounded to the nearest $10, with an exact $5 rounded up. This calculator repeats that calculation at every projected 1 July instead of applying today's percentage forever.
Your planned income can be overridden by the minimum
If the annual amount you request is below the statutory minimum, the model uses the minimum. If you request more, it uses your requested amount. Payments are spread monthly for the projection and occur at the start of each month, matching the timing convention used elsewhere on GrowThenDraw.
A pension that starts after 1 July normally has a pro-rata first-year minimum, and no first-year payment is required when it starts on or after 1 June. This release deliberately asks for a 1 July balance so it does not pretend to calculate a commencement-year fraction without the exact start date.
A projection is not an income guarantee
An account-based pension can run out. Returns vary, fees continue, withdrawals may rise and the legal minimum accelerates at older ages. The sustainable-withdrawal result is only the highest initial amount that lasts through the entered horizon under one smooth-return scenario.
Investment earnings in a retirement-phase pension are generally tax-free and payments from a taxed super fund are generally tax-free from age 60. Untaxed public-sector schemes, defined benefits and unusual tax components can work differently.
The $2 million figure is a general cap, not everyone's personal cap
The general transfer balance cap is $2 million for someone starting their first retirement-phase pension on or after 1 July 2025. People who started earlier can have a proportionally indexed personal cap, and transfer-balance debits and credits can change available room.
The calculator warns when the entered opening pension exceeds the general cap but does not manufacture a personal cap. Use ATO Online Services for that figure before moving money into retirement phase.
Frequently asked questions
What is the minimum pension withdrawal for someone aged 65?
For someone aged 65 to 74 at 1 July, the full-year minimum is 5% of the account balance at that 1 July, rounded to the nearest $10.
Can I withdraw more than the minimum?
A normal retirement-phase account-based pension generally allows more than the minimum, including lump sums, subject to fund procedures. A transition-to-retirement income stream has a 10% annual maximum and different restrictions.
Are account-based pension payments tax-free?
For most people aged 60 or over receiving payments from a taxed super fund, payments are generally tax-free. Untaxed funds and defined benefit income can have different rules.
Does the calculator include the Age Pension?
No. Centrelink applies separate income, assets, residency and deeming rules. This page models the super pension account only.
Why could my pension run out even at the minimum rate?
Minimum percentages rise with age and investment returns are uncertain. At high ages the required percentage can exceed the fund's net return, so the balance is drawn down more quickly.
Does this calculate my personal transfer balance cap?
No. It shows the current general cap and warns about an opening balance above it. Your personal cap must be checked in ATO Online Services.
Rules verified 2 August 2026 against official Australian sources:
- MoneySmart: account-based pensions and minimum withdrawal rates
- Federal Register of Legislation: Schedule 7 minimums and rounding
- MoneySmart: when you can access super
- MoneySmart: transition-to-retirement limits
- MoneySmart: retirement income and tax
- ATO: transfer balance cap
Scope: ordinary taxed super funds and the common retirement, cessation and age-65 conditions. Excludes defined benefits, untaxed schemes, early-release eligibility, Centrelink means testing and personalised fund rules. Educational estimate only.