You work hard for your super. Doing a regular 5-minute super 'workout' may help you achieve the financial future you deserve!
Retirement may seem like a lifetime away, but it’s important to think about the little things you can do to help boost your super now to help you achieve your ideal financial future.
Think of it like a personal goal – sometimes the start and end points are clear so planning is easy. For example, you may need to save $40 per week to afford that big purchase, or you have weekly goals to reach your ideal fitness level.
But with super in accounts that you can’t access until you’re around 60, it can be hard to know how much you’re going to need in 10, 20 or 30 years. Understanding your current position and setting the most appropriate goals for your future are often areas that may not be as clear as you'd like them to be.
That’s where the 5-minute workout may help – it’s a way to help you get your super savings in shape and on track for the retirement you deserve!
These few simple steps can help you do a quick pulse check of your super.
It’s that easy – you’ll hardly raise a sweat!
Note: To better reflect the fees you pay in our fund, you will probably need to reduce the calculator’s default fees to reflect our current fees.
If your calculator figures are healthy and what you expected, great! Just remember to re-visit the 5-minute workout regularly, and also whenever you have a change in circumstances (eg. new job, relationship changes etc), to keep things on track.
If your calculations aren’t quite meeting your objectives for retirement, you can change options such as contribution rates, retirement age, retirement income, investment choices and fees to see how these might impact your retirement savings.
While we can provide tools and information to help guide you in your workout, the best results will largely come from the knowledge you have about your super and the decisions you make. And the longer you wait, the harder it is to get to your goal.
If you feel that you’ve got plenty of time before you really need to do anything about your super, consider this: tipping just a little extra into your super each week could potentially increase your final lump sum savings by tens of thousands of dollars!
You can also try plugging a few figures into a retirement calculator like the CommBank Retirement Calculator to see what your extra contributions could do for your balance at retirement.