Your Super opportunity

Superannuation is designed to ensure that you have sufficient savings to look after yourself in retirement. ?In addition to helping you maintain a better standard of living after full time work, it also reduces the financial burden on government resources.

For employees, a substantial 11.5% of your income is now automatically contributed to your Super, an increase from 11.0% as of 1 July 2024. This is a significant portion of your earnings which is being set aside to grow over the years, making it crucial to pay attention to how your Super is managed.

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Your employer is required by law to make your contributions on at least a quarterly basis. Don’t just assume that this is happening correctly. It's not enough to see the Super contributions listed on your payslip; you need to verify that these amounts are actually being deposited into your Super account. Regularly checking your Super transactions can help you confirm that your employer is making the contributions as required.

Log in to your Super Fund’s online portal or contact them directly to review your account statements. Ensure that all contributions listed on your payslip have been received. If there are discrepancies, address them with your employer promptly. This vigilance helps protect your future savings and ensures that your Super is growing as it should be.

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An often overlooked but essential part of managing your Super is choosing the right investment option. Super funds typically offer a range of investment choices, from conservative to high growth, each with different levels of risk and potential return. Consider your risk tolerance, investment timeline, and retirement goals when choosing an investment option. If you're younger and have more time before retirement, you might opt for a higher growth option, which has higher risk but potential for greater returns. Conversely, if you're nearing retirement, a more conservative option might be suitable to preserve your capital. Consult with your Super fund for help with choosing the investments that align with your long-term goals.

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Ever thought of adding more to your Super? If so, watch out for this common mistake - waiting until you have a large sum of money before making Super contributions. This approach can leave you with missed opportunities for growth and compound interest. Instead, adopt the 'Little and Often' strategy. Regular, smaller contributions can significantly boost your Super balance over time without putting a strain on your finances.

It’s easy to add a bit extra to your Super each pay cycle. These additional contributions, no matter how small, can accumulate and grow substantially thanks to compound interest. Reach out to your Super Fund for guidance on how to make these extra contributions and to understand the impact they can have on your retirement savings.

Paying attention to your Super is a simple and effective way to secure a brighter tomorrow. Maximise your growth through adding extra each pay and regularly check your Super transactions to ensure your contributions are accurate and on time. Consistent actions now can build a robust financial foundation and a better lifestyle for your retirement. Your future self will thank you for the effort you put in today.