View Important information and assumptions


The Income Estimator is an educational tool designed for Australian investors who are aged 50 to 80 years and wanting to secure a guaranteed lifetime income. This is an educational tool that explores the impact of deferring income on an investment and electing certain benefit features. It illustrates the relationship between the length of a deferral, the election of certain benefit features, the amount of initial investment, and the amount of annual income that may potentially be received at the end of the deferral period.

The results of this tool are illustrative only and designed to educate and raise awareness of how a product in the lifetime income stream product class may function in the Australian market. They are based on assumptions and future projections that are not predictions or guarantees. Actual returns on an investment may differ materially from the information provided by the tool and do depend on some of the information entered by the user. Past performance is not a reliable indicator of future performance. The tool does not take into account all of a user’s personal circumstances and has certain limitations and assumptions which may impact the results produced. The tool aims to provide factual information based on the variables that are input and the assumptions used by the tool. Users must carefully consider the Assumptions and Limitations on this page when using the tool.

The tool does not in any way provide or imply recommendations as to specific investments or a specific financial product and should not be relied on for the purposes of making a financial decision or a decision in relation to a financial product. The results of the tool are not intended to constitute advice of a general or personal nature, and the tool is provided solely for educational purposes. We strongly recommend that you consider obtaining financial advice from a financial adviser before making any financial decision.

This tool is provided by Allianz Australia Life Insurance Limited (ABN 27 076 033 782) AFSL (296559) (Allianz Retire+). Allianz Retire+ is a registered business name of Allianz Australia Life Insurance Limited. The tool is current as of February 2024, and is subject to change. To the extent permitted by law, neither Allianz Retire+ nor any of its related entities, agents or employees accept any liability for any loss or damage arising, directly or indirectly from using this tool or information provided on the Allianz Retire+ website. Past performance is not a reliable indicator of future performance. Personal information collected via the tool is only for the purposes of performing illustrative calculations and will be handled in accordance with our Privacy Policy available at:

Income Estimator – Important Information and Assumptions

This tool aims to help a user estimate the amount of annual income that might potentially be generated after investing into a lifetime income stream product, where the initial investment amount grows (or falls) in line with market movements prior to commencing a guaranteed lifetime income, and where the income is based on the investment value at the date the income commences. Alternatively, it shows what initial investment is required based on a desired income, user-selected benefit features and user-selected return assumption. The results shown will vary depending on the assumptions used by the tool and the user’s inputs.

All assumptions used are believed to be reasonable based on the current retirement income stream landscape and legislation. Given rates and features can be different from one lifetime income stream to the next, these may differ amongst income streams offered by various providers.


  • This tool is designed to be used by people who are 50-80 years old and wanting to secure a guaranteed lifetime income.

  • This tool does not distinguish between superannuation or non-superannuation money and no allowance has been made for tax, on the earnings or the potential income.

  • For a minimum of 3 years, the investor’s funds grow (or fall) in line with market earnings (depending on the ‘average annual return’ that is input by the user) before they decide to commence the lifetime income, which is commenced by age 100.

  • Where an initial investment amount is selected, a balance of between $20,000 and $5,000,000 is required to be entered. It is assumed there have been no deductions, such as stamp duty and upfront fees, prior to investment.

  • Where an initial annual income is selected, the tool will restrict an annual income amount between $2,000 and $200,000 to be entered. It is assumed these are reasonable limits given the investment amount restrictions.

  • The Lifetime income percentages are based on the Allianz Guaranteed Income for Life (AGILE) product strategy rates and are current as at the date of illustration. Rates may be varied by changing the current age and income start ages, the ‘Capital Access Schedule (‘CAS’)’, and ‘Reversionary Spouse’ option  elections.
  • Beyond the potential for varying the Lifetime income percentages, the switching on or off of the ‘Capital Access Schedule (‘CAS’)’, and ‘Reversionary Spouse’ option features may have significant impacts on an investor’s other benefits or broader financial circumstances. Such broader impacts are not shown in this tool, reinforcing the recommendation that the tool should not be relied on for the purposes of making a financial decision or a decision in relation to a financial product.
  • Level income is designed to remain constant for the duration of retirement and would lose purchasing power over time due to the impact of inflation. It has a higher starting rate than Increasing income.

  • Increasing income would be expected to rise over time, although this is not guaranteed every year, and could even decrease from one year to the next. Depending on the product, indexation of the income could be in line with inflation, a market-linked investment option or other target.  

  • There is no default rate for the average annual return and the user is required to input a rate. The rate input by the user reflects a net of fees and net of inflation amount. For example, if gross returns are expected to be 6.5%, inflation to be 2.5% and fees 2%, the user would input 2.0% (6.5%-2.5%-2%=2.0%) for the average annual return.

  • The annual return range is indicative only and should not be relied upon to form a view of future market returns and outcomes. The rate entered by the user may have a material impact on the results provided by the tool and may vary considerably from actual future returns which may be positive or negative from one year to the next.

  • The -10% to 10% average annual return range is assumed to be reasonable based on a medium or long-term investment horizon. While short-term returns could be outside of this range, the tool assumes the investor’s funds are grown in line with the average annual return assumption for a minimum of 3 years and therefore short-term returns would not be appropriate.

  • All dollar values are expressed in today’s dollar terms. The user can effectively choose the inflation rate by which they wish the results to be shown in today’s dollars, by reducing a gross average return amount by their assumed inflation rate (and assumed fees).

    • As a guide, ASIC’s standard default assumption for annual inflation is 2.5% (CPI) inflation, for generic calculators; however,

    • For superannuation and retirement calculators, ASIC assumes a further 1.5% p.a. deflator (total of 4% p.a.) prior to retirement to represent cost of rising community living standards. Not taking this into account prior to retirement could mean a future retirement balance may overstate its adequacy to meet a user’s standard of living in retirement.


The tool is based on the information provided by the user, and certain assumptions based on current market conditions, and industry standards. This tool is intended to provide simplistic illustrations only, as such not all variables related to a user’s situation will be included and this should be considered a limitation of this tool.  

Further, a lifetime income stream, whether deferred or not, is intended to be a permanent purchase and depending on the product, may not allow withdrawals, or may provide limitations on withdrawals, once commenced. As such, any investor would need to take into account any future lump sum capital expenditure they may need (e.g. purchase of new car or medical expenses) and consider how they would fund this.

This tool does not consider personal financial needs, both currently and in the future, including but not limited to the user’s expenditure requirements and debts. When making a financial decision, you should contemplate your needs, objectives, and overall financial situation to determine whether a lifetime income stream, would be appropriate for your circumstances.

This estimator is not intended to be relied on for the purpose of making a decision in relation to a financial product. You should consider obtaining advice from a licenced financial adviser before making any financial decisions.

Other limitations include that the results may not reflect:

  • All applicable fees and costs other than annual fees as included in the net annual average return assumption input by the user (such as Adviser Service Fees).

  • Potential income in subsequent years, although it is assumed income would not reduce in nominal terms.

- Any Age Pension considerations. Investment into a lifetime income stream may affect a user’s Age Pension entitlements. In some cases it can be positive, but not in all cases.

- Broader impacts of switching on or off benefit features such as the ‘Capital Access Schedule (‘CAS’)’ and ‘Reversionary Spouse’ options, beyond their potential impact on the Lifetime Income Percentage shown.

- This tool assumes income can start any time up to age 100 although some products that offer a ‘Capital Access Schedule’ option may have limitations on the maximum deferral period

- Changes to superannuation, taxation or other laws or regulations that may affect the assumptions used in the tool.





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