Don't plan on working forever?
Do you plan on working forever? One day you’ll want to retire, which means it’s never too early to think about your superannuation. Thankfully, we’ve put together some simple ways to boost your super so you can have more money in the future.
1. Check your payslip to make sure your superannuation is being correctly paid.
Over 2 million Australian workers eligible for super are missing out on some, or all, of their super fund entitlements. This is around an average of $2,025 per person, per year. Your super needs to be paid to you by your employer at least once every quarter, and should amount to 9.5% of your pre-tax income. Get into the habit of checking your pay slips to ensure you are receiving the correct super.
2. Make sure you’ve only got one superannuation account.
It can be easy to accumulate multiple super accounts when moving from workplace to workplace. However, having multiple accounts means multiple fees, and this will eat away at your retirement savings. Every dollar counts, because over time your super builds through the magic of compound interest. Find out more about the simple process for consolidating your super.
3. Put an extra $10 a week into super.
By contributing a tiny bit more to your super, you could boost your savings by tens of thousands of dollars by the time you retire. Most super funds will allow you to make voluntary contributions at any time, or you can ask your employer to contribute more of your pre-tax income to your account.
4. Find your lost or unclaimed superannuation.
You might have lost some of your money to old, forgotten-about super fund accounts. In fact, the Australian Tax Office says that there’s nearly $18 billion in lost or unclaimed super in Australia! If you’re worried that you might have lost track of your super, visit the MyGov website to search for your money.
5. Review your super fund and compare the pair.
Compare your existing super fund with others in the market to ensure you are with the best fund to meet your needs.
Industry SuperFunds are run to profit you and provide you with the best outcome in retirement. Compare the pair to see if you could have been better off with an Industry SuperFund.
You can also use our tool to perform side by side comparisons of funds, looking at areas such as investment performance, insurance coverage and fees.
If you’re still unsure which fund is right for you, it’s best to get independent, unbiased guidance from a professional financial adviser.
This article was first published in February 2018. The information referred to may change from the date of publication and care should be taken when relying on such information.