Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #5:
Your super has the potential to become one of your most valuable assets. The more you put into it now, the more you’ll get out of it when it’s time to retire – especially when you consider how your earnings compound over time. Here’s what you can do right now to help grow your nest egg.
First, make sure you only have one super account, (unless there’s a specific reason why you need multiple accounts). If you’ve changed employers over the years you might have ended up with multiple accounts in different super funds – which are all charging you fees. So choose your preferred fund and then ask them to track down all your lost super and roll it over into a single account.
Next, provided it’s right for your circumstances, you could talk to your employer about setting up a salary sacrificing arrangement so you can put some of your pre-tax dollars straight into super. Using ASIC’s Superannuation Calculator at www.moneysmart.gov.au you can see how even a small contribution on a regular basis can make a big difference at retirement. For example, if you’re aged 35 and earn $70,000 a year, salary sacrificing just $50 a week could add up to an extra $73,000 or more by the time you retire2.
How your financial adviser can help
No matter what financial position you’re in, there are plenty of things you can do today to start building the future you want. But the most important one is to talk to your financial adviser. With their experience and expertise, your adviser is in the best position to guide you at each stage of your financial journey. As well as helping you create a long-time financial strategy, your financial adviser will show how you can break it up into small, achievable milestones. Not only will this be easier to track your progress, it will also give you a clearer idea of what you can do to make each day count. Make today count.
Matthew Wood, Senior Wealth Advisor and Director, can help you with strategies to boost your super and achieve the lifestyle you deserve!
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2 Calculated using the MoneySmart Superannuation Calculator. Assuming an investment return of 5.7% pa and a retirement age of 67.
Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.
This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.