The Association of Superannuation Funds of Australia (ASFA) is urging all Australians to take control of their own financial destiny and put in place the savings plans they need now, to deliver them financial freedom in retirement.
ASFA CEO Ms Pauline Vamos says while the current commentary around changes to super may be confusing, now is an opportune time to assess where you are at in terms of your retirement savings, where you want to get to and how you will save enough money to get there.
"Despite the recent changes, the fact of the matter is superannuation remains the best deal in town when it comes to building your retirement savings. Because it is a long-term investment, the earlier you start putting more into super, the more you will benefit from the effects of compounding interest.
"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 small savings that can make a big difference in retirement*
- One less pack of gum ($2.50) a week = $12,000 extra savings in retirement.
- One less glass of wine ($10) a week at the pub = $48,000 extra savings at retirement.
- One less cup of coffee ($3.80) a day into your super = over $125,000 in extra savings at retirement.
"These small changes could give your super savings the boost they need to help you live your retirement with comfort and dignity. This is why we encourage all Australians to think about the lifestyle they want in retirement and put away the few extra dollars a week they need to deliver it," Ms Vamos concluded.
For tips about saving for your retirement and boosting your super, visit the independent Super Guru website www.superguru.com.au.
*For a person aged 30 with a moderate investment option.
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.