3 game-changers for your super

No one likes to lose a game or live with regrets; knowing that if you made a different play you would have had a different, more favourable outcome. 

Take a footy match for instance. It’s all the little passes, kicks and game strategies along the way that gets you to the final siren and hopefully a win! Sometimes you can just ‘turn it on’ in towards the end of the game, but you’d have a lot of catching up to do and could still come up short. 

With super, we can draw some parallels. Here, we list 3 things you can do for your super that are game-changers.

#1 – make personal contributions over your working life

Many people think that the standard employer contribution (of 9.5%) will provide them with enough to get through retirement. Right? Wrong. 

Unfortunately, relying only on what your employer puts in to super and not making your own voluntary contributions may not get you over the line. And the numbers back this up: research shows that the average Australian will end up with a retirement savings shortfall of just over $187,000*.

The secret is to start saving early; make small, regular contributions and let the magic of compounding returns do the rest.

Make voluntary contributions here

* Source: Rice Warner Retirement Savings Gap as at 30 June 2014.

#2 – take an active interest in how your super is invested

This is an important one. Apart from your home, your super is one of the largest investments you’ll have. So it’s important to treat it like the important asset that it is – and that means getting your investment strategy right.

Have a say in how your super is invested and make sure it lines up with your personal financial goals and return expectations. Remember it’s invested for a long time - most of us will have 10, 20 or even 30 years before we can access super, and even in retirement it’s still invested for up to 20 years or so. This means you’ve got time on your side to invest in higher-growth options for greater returns over time, or more defensive options if you prefer. You can get investment advice for free over the phone with one of our planners. 

#3 – engage with your super early on

Retirement can seem like a lifetime away, so it’s natural to put it to the back of your mind. But before you know it, it's closer than you think, and by then it can be too late to make an impact on your future income. 

Take an active interest in your super now, today. Each year, revisit your investment and contribution strategies to ensure they’re still relevant for where you are in life and where you want to end up. 

Use our Retirement Income calculator to see how much you’ll have at retirement. It’s a great tool which projects how much you’ll have at retirement. 

Better still, meet with a financial planner - they can help you set realistic goals and come up with a game plan to achieve them. Think of financial advice as your investment in your future – and that’s money well spent.

Get on it, before the final siren goes.

The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.