They may be trite, but clichés are clichés for a reason: they’re usually true.
So it goes for the saying, ‘the best time to start was yesterday. The next best time to start is now’. This may apply to many things in life, but it applies particularly well to super.
If you’ve run the numbers to see what kind of super balance you’ll need to help you live out your dream retirement and realised you have some catching up to do to help you get there, it’s never too late to start.
There are a few different strategies you can consider that may be able to help:
Review your investment options
The way you choose to invest your super, through the investment options you put it in, can have a significant impact on how much super you will retire with.
This is because each investment option is specifically created with a different return objective and suggested investment timeframe in mind, to appeal to investors with different attitudes to risk and time to spend in the market.
With this in mind, it may be worthwhile reviewing how your super is currently invested and whether different investment options may be able to help your super grow further.
You can choose which investment options apply to your current account balance, and your future contributions.
Case study: Mary
Make voluntary contributions
Sometimes the easiest trick is the most obvious one, and in this case, the easiest way to boost your super balance is by contributing more to your super.
You can contribute up to $100,000 to your super each financial year from your after-tax salary, or up to $25,000 each financial year from your pre-tax salary. Remember that the $25,000 cap covers your employer’s contributions to your super.
If you’re looking to make a bigger contribution, you can:
When making voluntary contributions, remember that your super will essentially be locked away until you reach retirement age. It’s important to think about your ongoing commitments before making a contribution.
You can check your concessional and non-concessional contributions by logging into your account.
Other info you might be interested in
We're here to help
If you want to learn more or need help with making a decision about your super, you can chat to a Super Adviser. It’s included as a part of your membership so there’s no extra cost.
Want to learn more about your super? Browse our Learning Hub to better understand your super and the simple steps you can take to stay in control.