Print PageI want to save enough super
There are many ways to grow your super so you can lead your preferred retirement lifestyle. Follow our seven-step guide to make sure you get there.
Why should I care?
It may seem hard to believe, but the time you spend in retirement is likely to be as long as the time spent working!
How much super is enough?
How much super you need depends on the type of lifestyle you’d like after you stop working.
Seven steps to get you there
1. Consolidate your super
While there are several ways to boost your super, one of the easiest is to close your multiple super accounts and keep your super in one value for money fund.
2. Invest for growth
Investing offers the opportunity to earn returns in exchange for taking some risk. Another way investing helps create wealth is through compounding.
3. Contribute extra
Contributing to your super is the main way to grow your retirement savings.
4. Grow your spouse’s super
If your spouse has a low income or is a homemaker, you can make contributions straight to their account and receive a tax rebate of up to $540.
5. Contribution splitting
Contribution splitting allows couples to save tax by maximising the amount they can withdraw from their super tax-free if they retire before age 60.
6. Transition to retirement
If you’re aged between 55 and 65, boost your super by paying less tax with a pre-retirement pension.
7. Retire later
Working for a few extra years, even part time, can make a big difference to your retirement lifestyle.
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Our members say
‘When I retire I want to travel and relax and not worry about money.’
Kaitlyn Spark - AUSCOAL Super member
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