Ways to boost your super before retirement
Here are some practical ideas that you can implement right now to give your retirement savings a boost and help prepare for the next phase of your life.
5 minute read
1. Avoid paying multiple fees
Before consolidating or reactivating your super, consider the potential loss of insurance and other benefits that you may have in your other funds. Also consider where your future employer contributions will be paid.
Simplify your life and consolidate your super
If you’ve had more than one job, there’s a good chance you could have multiple super accounts. For most Australians, it makes financial sense to have all your super in one spot and our simple Consolidation tool can help search and bring it all together.
Three reasons to consolidate your super:
- Simplify your fees.
- Keep things simple and grow your super by having your contributions go into one fund. This will make keeping track of contribution caps easier too.
- Choose an investment strategy that suits your retirement goals and risk profile.
2. Contribute what you can
At different stages in your life you may find yourself with a little extra disposable income - perhaps from a bonus or tax return. Making contributions to your super can help give your balance a little boost, but also offer some tax advantages.
Be mindful that there are some caps and rules which limit the amount you can contribute.
Here's a few options that may appeal to you as you get closer to retirement.
Downsizer contributions
If you’re over 55, the government allows you to contribute up to $300,000 (so, $600,000 combined for a couple) from the proceeds of selling your family home, if owned for 10 years or more, into your super. This could offer a practical tax effective way to transfer any money you have left over from Downsizing contributions, into a retirement income stream.
Use our Superannuation contributions calculator to see the difference extra contributions could make to your super.
3. Search for lost super
Did you know that as at 30 June 2020, there was $13.8 billion1 in lost and unclaimed super?
Some of that may be yours! Use our Consolidation tool to search. Any money found at the ATO will be automatically transferred across to your Australian Retirement Trust account. Too easy!
4. Seek guidance to take that next step
Our financial advisers are here to help you feel better prepared for retirement and you can access expert financial advice, about your Australian Retirement Trust account. This service is included as part of your membership.
Or you can choose your own financial adviser, or we can refer you to an accredited financial adviser we have included on our National Advice Panel. Our panel comprises carefully selected and appointed adviser practices, located across the country, based on our trust in the expertise, experience, approach and ability to provide our members with valuable comprehensive financial advice.
Expert financial advice can make a big difference to your lifestyle now and after you stop work; and give you confidence to take charge of your financial future.
1 Australian Tax Office – Lost and unclaimed super by postcode “Super statistics” as at 30 June 2020.