Industry superannuation fund Asset Super has developed a new online tool for its members that allows them to calculate the future value of their super in today's dollars and how long it will last.
The new tool, called Build your super savings, was developed in partnership with Rice Warner and enables members to enter personal information, including their current super balance and desired retirement income.
The tool then calculates the future value of their super in today's dollars as well as how long their super might last in retirement.
It helps members in making decisions on contribution strategies and adjusting their original assumptions to see the effect on their future retirement income.
The tool also highlights the impact of additional contributions on their take-home pay and the amount of tax they can save.
"Helping members to understand how to build their super savings is a critical objective for Asset," Asset Super chief executive John Paul said.
"The tool is easy to use and provides immediate results that can be acted on.
"The tool is designed to give new and existing members practical examples of how to build their super savings, and also help to build their super knowledge as well."
Paul said the fund would introduce more online tools in the next few weeks.
