With new research released by Suncorp today indicating that many Australians are not on track to fund the lifestyle they want in retirement, the Association of Superannuation Funds of Australia (ASFA) is encouraging people to take simple steps to boost their retirement savings.
“Making small changes can have a big impact on a person's superannuation account balance in retirement,” says ASFA CEO Ms Pauline Vamos.
“Spending one hour today to look at ways to boost your super savings could save you hours of time working past the age you want to retire in the future.”
ASFA's top four tips to help boost your super savings
1. Consolidate your accounts
If you've had more than one job, chances are you also have more than one super account. Moving all your super into one account can help you save on fees and will also make managing your super easier.
2. Find lost super
Tracking down lost super is another way to boost your retirement nest egg. Currently there are billions of dollars in lost and unclaimed super, and chances are that some of it belongs to you. Use the ATO SuperSeeker tool to search for your lost and unclaimed super, then contact the fund to arrange to move it into your active super account.
3. Make contact with your fund to ensure you're getting the best service they can provide
Check with your fund to see what services they offer to their members. For example, they may be able to provide advice on the best insurance or investment options for your particular circumstances. They also may have tools or calculators to help you figure out how much you need to save for your retirement and how to get there.
4. Plan to save more
Making small changes - like having one less coffee a day and putting this extra money into your super - can add thousands of dollars to your balance in retirement. The earlier you start saving, the more you will benefit, so think about making these small changes today.
For further tips, tools and information to help you make the most of your super, visit www.superguru.com.au
For further information, please contact:
Lisa Chikarovski, Media Manager, 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 is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.