Do you plan on working forever? One day, you’ll want to retire, which means it’s never too early to think about your superannuation. Thankfully, we’ve put together some simple ways to boost your super so you can have more money in the future.
1. Check your payslip to make sure your superannuation is being correctly paid.
Over 2 million Australian workers eligible for super are missing out on some, or all, of their super fund entitlements. This is around an average of $2,025 per person, per year. Your super needs to be paid to you by your employer at least once every quarter, and should amount to 9.5% of your pre-tax income. Get into the habit of checking your pay slips to ensure you are receiving the correct super and regularly log into your online account to confirm payments are making it into your super account.
2. Make sure you’ve only got one superannuation account.
It can be easy to accumulate multiple super accounts when moving from workplace to workplace. This is especially common in the real-estate industry. However, having multiple accounts means multiple fees, and this will eat away at your retirement savings. Every dollar counts, because over time your super builds through the magic of compound interest. Find out more about the simple process for consolidating your super.
3. Put an extra $10 a week into super.
By contributing a tiny bit more to your super, you could boost your savings by tens of thousands of dollars by the time you retire. With REI Super you can make voluntary contributions at any time, or you can ask your employer to contribute more of your pre-tax income to your account.
4. Find your lost or unclaimed superannuation.
You might have lost some of your money to old, forgotten-about super fund accounts. In fact, the Australian Tax Office says that there’s nearly $18 billion in lost or unclaimed super in Australia! If you’re worried that you might have lost track of your super, we can search for you here.
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The products or services being advertised are provided by third parties not REI Super and therefore will not be the responsibility of REI Super. REI Super may invest in these third parties but does not receive any payments or commissions from these organisations as a result of members using the products and services. Members should make their own assessment and seek professional advice as to the suitability of such products or services for their individual needs.
* This information has been issued by Industry Fund Services Ltd (Industry SuperFunds). This information does not take into account your situation and you should consider if these products are appropriate for you.