Superannuation can provide additional financial security in retirement. Knowing how much you have and managing your savings can reap huge benefits. But where to start when you don’t understand super? We’ve broken it down into seven simple points.
Super is a long-term investment but it pays to think about it now
The earlier you start, the more chance you have to boost your super. Thanks to compound interest, the money you save now will build up over time to create a healthy nest egg.
Boosting super through contributions
While your employer is required to make contributions, you can top this up with salary sacrifice (before-tax contributions) or make voluntary contributions after tax. Be aware there are limits to contributions you can make.
Put your super in one place
Nearly half of Australian’s have more than one super account, meaning they’re paying multiple fees. Consolidate your super into one account and pay one set of fees.
Next month, we’ll look at four more points in Part 2 of this series.
For more information, visit austsafe.com.au or call us on 1300 131 293.
Article provided by AustSafe Super.