We can’t all be millionaires. However, there’s a fairly good chance that you could earn well over a million dollars during your lifetime. This calculator can help you estimate just how much you could earn from the time you start working until the time you retire.
Just enter your current age, your gross annual income and click "Calculate"
There are also a number of Assumptions that need to be taken into consideration:
- We assumed you will retire at age 65 which is a default retirement age in Australia at the moment. After you see the results you can edit that number to see the new figure.
- We assumed that your income will raise in line with inflation, i.e. 3 %.
Inflation Rate in Australia averaged 5.16 percent from 1951 until 2015 and Reserve Bank of Australia is trying to keep it between 2% and 3% from the early 1990s.
After you enter all the details you’ll receive estimated amount for your total earnings for the period of time specified. The number may just surprise you!
ALTERNATIVE USE: You can even calculate how much tax you will pay in a lifetime! Go to our salary calculator and enter your annual salary. Copy the tax portion and get back here and enter into this calculator. You'll get frustrated even more on how much tax our government is wasting just from you :))