It doesn’t take much effort to have a significant impact on your super balance. Small additional contributions to your super made earlier in life will make a big difference to the balance of your super account when it comes time to retire.
There are two ways you can make extra contributions to your super: before tax and after tax.
Before tax, you can make extra contributions by ‘sacrificing’ some of your salary. Your take home pay will be less, but your super is only taxed at 15%. If your income tax rate is higher than 15%, then you will pay less tax on that money earned.
After tax, you can make voluntary contributions as lump sum contributions into your REI Super account.
Remember: it’s a lot easier to fund a comfortable retirement while you’re still working. You won’t miss the money as much now as you’ll miss it later!
Find out how to give your super a boost.
Please note:
The information contained in this article does not constitute financial product advice. REI Super does not give any warranty to the accuracy, completeness or currency of the information provided. Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies.