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.