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Six ways to be super savvy

Six ways to be super savvy

REST_love-366611_640With recent research indicating retirees plans might outstrip their savings ability, REST Industry Super has released their top tips for making the most of your Superannuation.

1. Be realistic

Review whether your current contribution rate will in fact deliver the lifestyle you want. If your vision includes regular holidays, luxurious hobbies and treating the grandkids, it may be time to boost your saving schedule.

2. Do your homework

Ignorance is less than bliss when it comes to preparing for your financial future. Make sure you understand how and where your super fund is investing your savings, and that this complements your other investments.

3. Tenaciously top up

Consider making additional contributions from your take home or before tax pay – particularly after a pay increase; when you’ll miss it the least. Even if it isn’t much, it could make a significant difference due to compound interest.

4. Be faithful to one fund

When it comes to super funds, the more the merrier rule doesn’t apply. Kick any extra memberships to the curb and consolidate; avoiding the unnecessary administration fees attached to each one. Before combining your super, you should check how it might affect your insurance in your other funds and if they have any exit fees.

5. Momentum is key

Make up for any time off work by making personal contributions to your super before, during or after a career break. There’s also the option for your partner or spouse to make contributions to your super on your behalf.

6. Seek expert advice

Consult with a financial planner to ensure your saving plan is right for your needs. Subject to superannuation laws, REST will pay for its members’ first single super-related question with a Link Advice* coach.

About The Author

REST Super

REST is one of Australia’s largest super funds by membership with over $37 billion in funds under management as at 30 June 2015 and around two million members. SuperRatings awarded REST Pension of the Year 2015, the second year in a row REST has won this award. REST also received Money magazine’s 2015 and 2014 Best of the Best award for Best Super Fund Manager and Best Pension Fund Manager as well as receiving Super Fund of the Year for 2014 at the Chant West/Conexus Financial Super Funds Awards.

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