July 13, 2024

Upgrade Your Super At Any Age!

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boost-your-super-at-any-age

Numbers Pro

If you’re ready to get serious about upgrading your super, talk to Tax Agent in Melbourne about the best options for your specific situation and goals.

If you are temporarily retired, the pension may not be visible. Your super may be growing without a second thought in the background, but a few changes now could mean you’re set up for success when it comes time to seriously consider retirement plans.

So, how are you progressing now as your strength increases?

Check what your super should look like.

When was the last time you checked your Super Credit? If time has passed, we recommend that you log into your retirement account to check your progress and try to do so regularly.

You can refer to the table below to know how to track with Super. Please note that these are only averages for your age and gender. There is a possibility that it will not suit your needs.

Review your retirement goals.

After thinking about keeping track of your pension money. It’s time to rethink your retirement goals and how much you need to save to comfortably reach them. Keep in mind that inflation will affect your future needs!

3 secrets to increase your superpower!

1. Check your investments.

According to research, around 80% of member superannuation funds invest in default options in employer-selected super funds or bonuses. But is it the best investment option for you and your future plans? Because these funds are designed to provide you with ideal retirement age. It is always wise to actively participate in investing in these funds. Talk to your financial planner about your best investment options.

2. Sacrificing personal salary/concessions

Your employer always has the option of paying more than the mandatory 10%. Adding a small amount each week can make a big difference in the long run.

You can negotiate a salary reduction with your employer. A portion of the pre-tax income is paid directly to your manager. Wage sacrifice can reduce your taxable income. This means you’ll pay less tax each pay period, and instead, you can contribute to a tax-free retirement plan. Your tax return will benefit from tax credits, while you will benefit from enhanced retirement benefits.

3. Check your insurance.

We recommend that you regularly review your insurance throughout your career. Depending on your circumstances, you may benefit from insurance in your fund. You can also opt out of these insurance options if you have them covered elsewhere. This means there will be plenty to help you grow your super cash.

Summary

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