Fatten Your Super. Here is what do at each age.
As you move through different life stages, there are various strategies that you can use in order to fatten your super and help it grow. When you retire, you don’t want to be left wondering if you have enough money to make it through your later years or not. By using these strategies, you can find effective ways to help you save and keep yon track.
Your twenties are an exciting time. You’re probably just settling into a career, or maybe even starting a family, but don’t forget about your super! The first thing you can do is make sure your employer is contributing to it. You need to be earning $450 per month or have an award entitlement. You may also want to check to see if you have a lost super through previous employment and make sure to review your insurance cover.
One of the best ways to save is to make sure all of your supers are in one account. You may miss out on some advantages if your supers are scattered around. You will also want to do another insurance cover review, especially if you have started a family or are thinking about it.
Now it’s time to sit down and go over your investment options to make sure they align with your retirement goals. You will also want to decide how much risk you’re willing to take with investments and what your time table is.
Continue to contribute to your super, decide if you’re in a position to salary sacrifice in order to save more. Also check to make sure you’re taking advantage of any tax breaks you can get from your super.
Start to explore what options you have to live a tax free retirement. Continue to contribute to your super while you’re still working. You may also want to consider switching over your super into a retirement pension if that’s an option that works better for you depending on your situation.
While it’s nice to have a timeline to fatten your super. It’s important to keep track of and make sure it’s working to your advantage. Speak to a Ricarmo specialist today and reach your retirement goals.