My husband and I are both 65. I no longer work but he still wants to work until age 67, when we can both get the age pension.

Our combined super is $500,000, so my question is how much would we need to live on for the next two years before we qualify for age pension, if he was to give up work now instead of continuing?

We would be drawing from our super as we don’t have any savings for the next two years. Then whatever is left from our super when we get to 67, we would have to use it to top up our pension.

The question is how much would we have to take from our super every year to last us for 20 years.

Super funds and the government’s Moneysmart website have some great calculators that can provide some high-level modelling on this.

If you need detailed modelling and/or advice, then it’s best to speak to a financial adviser.

However, according to Moneysmart’s retirement planner, you could live off about $75,000 a year (indexed to inflation), with your money running out at age 92.

This would mean drawing $75,000 out of your super each year for the first two years (say $37,500 each). After that the age pension would kick in and you could reduce your super drawdowns.

For example, in year three, at age 67, you may receive nearly $50,000 in combined age pension payments. You then only need to draw........

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