12 January 2015
Turn your new years’ resolution into a super windfall: ASFA
As 2015 kicks off, the Association of Superannuation Funds of Australia (ASFA) is encouraging people to turn the cash they save from kicking bad habits into a future superannuation windfall by putting some of it into their super account/s.
“At this time of year, many people think about making changes to their habits or routines and often end up saving some money in the process. Whether you’ve decided to quit smoking, drink less alcohol or bring more work lunches from home, putting some of the money you save into your super account can reap massive rewards in retirement,” says ASFA CEO Ms Pauline Vamos.
“New years’ resolutions are all about taking better care of yourself, so why not also think about taking care of your future self and boost your super savings?”
“Even just a few dollars extra a week could boost your retirement savings by thousands. This is especially true for younger people, who could end up with up to seven dollars more in retirement for every dollar they put into super before the age of 30.”
Three resolutions that could supercharge your super*
1. Quit smoking: giving up just one pack a week will save you $25 a week on cigarettes = $120,000 more in super
*For a 30 year old retiring at age 65 with super invested in a moderate investment option. All figures in future dollars.
“The new year is also a good time to think about sorting out your super. Making small changes, such as consolidating your accounts or checking you have the right level and type of insurance cover, can make a big difference to how much money you have when you retire,” says Ms Vamos.
For hints and tips on how to sort your super, visit the independent Super Guru website: www.superguru.com.au.
For further information, please contact:
Lisa Chikarovski: Manager – Consumer Strategy, Media and Public Affairs, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.