If you were not indexing annual income by 2.5%pa, then your factor of 16 is about right:
Age Year ending Account balance Pension amount 1 55 30/6/2018 $1,264,465 $72,717 2 56 30/6/2019 $1,246,478 $80,000 3 57 30/6/2020 $1,227,581 $80,000 4 58 30/6/2021 $1,207,727 $80,000 5 59 30/6/2022 $1,186,869 $80,000 6 60 30/6/2023 $1,164,954 $80,000 7 61 30/6/2024 $1,141,930 $80,000 8 62 30/6/2025 $1,117,740 $80,000 9 63 30/6/2026 $1,092,326 $80,000 10 64 30/6/2027 $1,065,625 $80,000 11 65 30/6/2028 $1,037,572 $80,000 12 66 30/6/2029 $1,008,099 $80,000 13 67 30/6/2030 $977,134 $80,000 14 68 30/6/2031 $944,601 $80,000 15 69 30/6/2032 $910,422 $80,000 16 70 30/6/2033 $874,512 $80,000 17 71 30/6/2034 $836,784 $80,000 18 72 30/6/2035 $797,146 $80,000 19 73 30/6/2036 $755,502 $80,000 20 74 30/6/2037 $711,749 $80,000 21 75 30/6/2038 $665,782 $80,000 22 76 30/6/2039 $617,487 $80,000 23 77 30/6/2040 $566,747 $80,000 24 78 30/6/2041 $513,439 $80,000 25 79 30/6/2042 $457,432 $80,000 26 80 30/6/2043 $398,589 $80,000 27 81 30/6/2044 $336,768 $80,000 28 82 30/6/2045 $271,817 $80,000 29 83 30/6/2046 $203,577 $80,000 30 84 30/6/2047 $131,883 $80,000 31 85 30/6/2048 $56,560 $80,000 32 86 30/6/2049 $1,449 $56,560
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- use 16 to calculate how much is enough for retirement
If you were not indexing annual income by 2.5%pa, then your...
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