You work hard for your super. Doing a regular 5-minute super workout can help you achieve the financial future you deserve!
Preparing for retirement is important. And even though it may seem like a lifetime away, it’s important to think about the little things you can do to help boost your super along the way.
Think of it like a personal goal – sometimes the start and end points are clear so planning’s pretty easy. You need to save $40 per week to afford that holiday, or you need to lose 5 kilograms to fit into that suit or dress.
With superannuation, however, it can sometimes seem more overwhelming. 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 what your current status is and setting the most appropriate goals for your future are often areas that aren’t as clear as they should be.
That’s where the 5-minute workout for your super can help – it’s a way for you to get your financial future in shape and on track for the future you deserve!
These few simple steps are designed to 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! Time to head off for a post-workout treat. 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.
But 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, like many people, you think 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!
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.
You can get your super on track no matter what stage of life you're at. (Source: CommBank)
In this short video, a TAFE teacher explains what happens to your money once it is in your super, how you can add to it and how it can be invested. (Source: ASIC MoneySmart)