As retirement creeps up, you’ll think about ways to retire comfortably. If you want to have enough money, you need to be proactive in finding ways to increase your superannuation. Employer compulsory contributions of 9.5% of your income are a great start. But adding personal contributions will grow your super much faster.
Firstly, have a look at your most recent superannuation statement and look at how much its gone up in a year. Look at your Australian super fees that get deducted from your superannuation. Then, make sure that they aren’t eating into your funds too much. You can reduce your insurances on your superannuation policy at any time. This includes death cover. These fees impact on the balance of your Australian superannuation. How superannuation’s invested also impacts on super performance. There are options about how your money’s invested when you want to grow your super. Researching how your fund performs will empower you to make better future choices.
Typically, Australian workers can choose their own superannuation fund. Thus, switching funds is possible at any time. Super funds vary in the fees that they charge and there are also industry funds that you can consider.
To search for the superannuation fund of your choice, take a look at comparison sites. SuperRatings and Canstar are a couple of comparison sites that come to mind. These websites offer transparency, allowing you to look at and compare super performance.
Many people move from job to job through the years. Employers often have a default fund of choice. New employees often overlook rolling over super when they start with a new employer. Obviously, the best way to avoid this from occurring is to stick with one super fund the whole way through. But if you think you’ve got some lost super, consider finding it. You can roll over super when you choose to do it. But the sooner you do it, the better off you’ll be. It’s a sure and fast way to increase your super funds.
To find any lost super you can search through the MyGov Portal once you’ve registered. The ATO website will show you if there’s any lost super and give you instructions on how to roll it over.
Many Australians have more than one superannuation fund and don’t even realise it. When it comes to superannuation, less is more. By having one super fund you’ll only incur one set of super fees and insurances.
When consolidating super funds, be sure to look at the exit fees. And remember that you don’t need to do the hard work. The MyGov portal will guide you through the consolidation process.
It’s great that there are employer contributions going into your super account. But it’s likely that this won’t be enough to retire on. It’s a mistake to underestimate how much you’ll need to retire. You can boost your super by making voluntary contributions. The superannuation benefits will be worth it.
Also, talk with your workplace about salary sacrificing super contributions. Salary sacrificing reduces your taxable income while increasing your superannuation account.
Many superannuation funds offer free advice to members. They give advice on ways to grow your super. This includes advice on the investment options that are available to you.
People don’t tend to spend much time thinking about income in retirement. But superannuation and retirement go hand in hand. When thinking about retiring, it’s never too late to build your super. You can start today by getting in contact with your fund to discuss how to grow your super.
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