Money magazine and the Association of Superannuation Funds of Australia (ASFA) are excited to bring back the Super Booster Day campaign – an initiative to encourage all Australians to boost their super by Super Booster Day – 15 September 2017.
The campaign will run from Tuesday 4 July – Friday 15 September 2017.
Fewer than five per cent of Australians aged under 45 are currently contributing extra to their super. That coupled with a shortfall of $25,000 a year for couples and $20,000 a year for singles between the full Age Pension and what it costs to have a ‘comfortable’ lifestyle in retirement, means Australians need to act now and start boosting their super.
According to ASFA’s Retirement Standard, to have a comfortable lifestyle, single people need $545,000 in retirement savings and couples need $640,000. At this time fewer than 20 per cent of single people and 30 per cent of couples aged over 65 are able to achieve this at retirement. Currently, the average super balance at retirement is $292,500 for men and $138,150 for women – a big gap from the current ASFA ‘comfortable’ level.
This is why Money magazine and ASFA have once again joined forces to bring back the Super Booster Day campaign, to highlight the long-term benefits of making additional contributions to super.
Money magazine editor Effie Zahos said, “I’ve always been a strong supporter of topping up your super and I encourage all Australians to take advantage of the tax benefits it has to offer.”
“You can enjoy tax savings if you top up your super using your pre-tax income. These contributions are generally taxed in the super fund at a maximum rate of 15 per cent. In most cases, this tax rate is less than the marginal tax rate. If you can’t make regular payments, a one-off after-tax contribution can help you supercharge your wealth,” she said.
From 1 July, you will generally be able to claim a tax deduction for a personal contribution to super without needing to set up a salary sacrifice arrangement with your employer.
ASFA CEO Dr Martin Fahy said Australians should invest in their super to reap the rewards of the magic of compound interest.
“It’s particularly important for young people and women to engage early with super,” he said.
“It’s an ideal way to build wealth and even small amounts can make a big difference in the long term.”
If you’re 40, have $50,000 in super, earn $70,000 a year and only rely on the Superannuation Guarantee, by the time you’re 67 you’ll have $388,000 in super.* That’s around $150,000 less than you need to lead a comfortable lifestyle.
So to pay yourself forward and for a range of information, tips, checklists and links to SuperGuru calculators, visit www.superboosterday.com.au before 15 September 2017 and follow the three-step guide to make a pledge.
There are also 5 x $1000 prizes up for grabs. By pledging, you can go in the running to win $1000 for your super – simply tell us in 25 words or less what your dream retirement looks like.
Super Booster Day is supported by:
CBUS, ING Direct, QSuper, Sunsuper and UniSuper
Join other Australians and make your pledge to ‘Pay yourself forward’ by Friday 15 September 2017, so that you can have the lifestyle you want in the future. www.superboosterday.com.au
Super Booster Day Ambassadors available for interview are:
Effie Zahos, Editor Money Magazine
Dr Martin Fahy, CEO ASFA
Sam Henderson, Financial Advisor and host of Sky News Business Your Money, Your Call
Paul Clitheroe, Chairman of the Australian Government’s Financial Literary Board
For further information or to interview Money magazine editor Effie Zahos, please contact Jackie Evans on 0407 776 222, email@example.com
To interview Dr Martin Fahy, please contact Teresa Mullan on 0451 949 300 or firstname.lastname@example.org
*Calculation made using superguru.com.au calculator and based on a 30-year-old person putting an additional $35 each month into their super account, assuming 5%pa growth over 35 years.
About Bauer Media
Bauer Media publishes 60-plus magazines in Australia, selling more than 60 million copies each year. They include some of the longest-running and most successful mastheads, such as the country’s biggest-selling monthly magazine, The Australian Women’s Weekly, Australia’s number-one weekly magazine, Woman’s Day, Dolly, NW, TV Week, Cosmopolitan, Australian Gourmet Traveller, Australian House & Garden and Wheels. Integral to the company’s success are vibrant, information-packed websites, mobile apps and social media platforms managed by Bauer Xcel Media, Bauer’s global digital division. BauerWorks leads the way in creating branded cross platform editorial content for major clients including Telstra, Myer and Weight Watchers. For more information visit http://bauer-media.com.au
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. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity.
Super Guru is an independent website that helps you understand and maximise your superannuation. It is a site for Australians of all ages and stages of their life, whether you’re studying, working, have kids or retiring. Super Guru is an initiative of ASFA. For more information visit www.superguru.com.au