Your retirement may be a distant thought or it may be just around the corner. Either way, it's important to know you'll be able to afford the lifestyle you want and deserve.
While Australian employers are required to contribute at least 9.5% of your salary to super, you need to work out if this will be enough for you to live comfortably in retirement.
The amount of super you'll need will depend on your individual circumstances, such as your current age, current income, desired retirement age, desired retirement income and current super balance.
There are other considerations you need to factor in besides the amount of income you make each year, that affect your appropriate balance including:
- Your health
- Any fees and charges
- Investment returns
- What your life expectancy may be
- What your savings levels are
It is a great idea to talk to your financial adviser as they can help you with tips and strategies to make the most out of your super and save more for your retirement.
Tips for growing your super
Here are some quick tips for growing your super that you can discuss with your adviser:
- Start as early as possible
- Contribute personally and be eligible for the government co-contributions
- Consider salary sacrifice scheme
- Consolidate your super into one account
- Provide your Tax File Number to reduce tax
- Choose appropriate investment options that are right for you
Your financial adviser is available to discuss your retirement planning options with you to help ensure you have enough savings to fund the retirement of your choosing. Why not schedule a meeting with Gerry or Clae now?
Information current as at 30 April 2015
The advice is general in nature only. Before acting you should consider the appropriateness of the information having regard to your personal objectives, financial situation and needs. You should read the relevant Product Disclosure Statement (PDS) and Policy Document before making any decision about a product.