Step 1 – Consolidate Your Super Accounts
Ensure all your superannuation funds are combined into one account to avoid multiple fees and charges that can erode your savings. Ensure you seek professional help before doing so as you might have insurances linked to your super.
Step 2 – Make Additional Contributions
Consider making voluntary contributions, either through salary sacrifice or after-tax contributions, to boost your super balance over time.
Step 3 – Review and Adjust Your Investment Strategy
Regularly review your super fund’s investment options and rebalance your funds according to your risk tolerance, timeframe and goals.
Step 4 – Monitor Fees and Charges
Keep an eye on the fees and charges associated with your super fund. All superannuation funds have a different set of fees.
Step 5 – Government Incentives
Take advantage of government incentives such as the co-contribution scheme and spouse contributions to increase your super savings.
By consistently reviewing and actively managing your superannuation fund, you can optimize your retirement savings, ensure financial security, and achieve greater peace of mind for the future.
*This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorized financial adviser before making any decision regarding any products or strategies mentioned in this communication.