The importance of contributions
Contributing a little extra to your super now could make a big difference to what you have in your retirement purse.
Experts say that the Government legislated 9.5% Superannuation Guarantee contributions are not enough to maintain our lifestyles in retirement. Yet increasing life expectancies make it even more important to consider how you will fund your retirement.
It's easy to be intimidated by the huge totals we're told we'll need when we reach retirement. Getting from where we are now to that distant goal can seem too big a step to think about. But you can make a difference to your retirement benefit with additional contributions.
The sooner you start to contribute the better, because you benefit from years of compound interest to grow your balance. Each dollar contributed to super in your 20s is worth about 8 dollars contributed in your 50s, so contributing as early as possible could save you a lot of money in more ways than one.
To get you started, explore:
Need a little advice?
You can get simple advice about how to grow your super through simple contribution strategies over the phone from an experienced, qualified Adviser at no additional cost as part of your Telstra Super membership.
To discuss your advice needs, call Telstra Super Financial Planning on 1300 033 166 between 8.30am and 5.30pm (Melbourne time), Monday to Friday or alternatively request a call.