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
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.
Review your insurance
As a member of Qantas Super, you may have insurance through your super. While you receive a certain level of cover, it’s important to review this cover throughout your career to ensure it’s always providing you with the right level of protection for your circumstances at any given time.
For example, you may want to review your cover when you go through a big life event that will see your financial obligations increase, like buying a house or having a child.
Similarly, it may be useful to review your cover when your obligations change later in life; for example, if you have finished paying off your mortgage, or you’re no longer taking care of children or other family members.
Every dollar in your super counts, so you may want to review your cover to make sure you’re not paying for cover that you might not need.
Consider Transition to Retirement
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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.