Industry superannuation fund Asset Super has partnered with Rice Warner to develop a transition-to-retirement calculator for its 106,000 members.
"Many of our members are reaching their stage of retirement and yet they may be unaware of the transition-to-retirement option," Asset Super chief executive John Paul said.
Implemented during the Howard government's super changes in 2007, people now have the option to choose to work full or part time in the lead-up to their retirement while still contributing or salary sacrificing into super.
"We wanted the calculator to help people get a clear idea of the effect of this strategy," Paul said.
Too many fund calculators focus on targeting adequate income in retirement through to their life expectancy, according to Rice Warner director Jeff Warner.
"Yet 50 per cent of us will outlive our life expectancy and hence will require more income in retirement," he said.
"By giving an indication of likely longevity after life expectancy age, the calculator allows the individual to better plan for how long they might reasonably expect to need a retirement income."
