Steps to take with your super
August 22, 2019
Whether you’re starting to slow down, or you still have years of work to go, these steps are pivotal to planning your retirement. It's never too early or too late to plan so have a look below and start designing your future .
1. Find out how much super you have
Have you been avoiding checking your balance? It’s time to take the plunge and log in online to see how it’s been tracking. It’s easy to get up to date information.
Once you know how much is in your TelstraSuper account, have you ever checked you don’t have any other super out there? Changing jobs, names or addresses can all lead to lost super over time, but it only takes minutes to find them again using our online tool.
2. See if you’re on track
New figures released by the Association of Superannuation Funds Australia (ASFA)* suggest that someone between the ages of 50 and 54 needs to have around $330,000 in super to be on track for a comfortable retirement. Those aged between 55 and 59 should have around $415,000.
By the time you retire, ASFA recommends you have around $545,000 as a single person or $640,000 as a couple if you want to keep going on domestic and international holidays, run the aircon and own a reasonable car.
Don’t have the amount above? You’re not alone. In fact the average 50 – 54 year old woman only has $76,098 in super, with the average man only having $116,043. Don’t panic, every dollar in super counts so each little bit will help boost your retirement income. You can use our Retirement Income Projector to see how long you balance will last.
3. Work out the income you need
While we would all love to retire with a million dollars, it can be more realistic to aim for a lower number that better reflects your lifestyle. It’s time to get back to the basics of budgeting – starting with looking at your current debts and outgoings.
Many people make the mistake of comparing this amount to your current super balance, but retiring doesn’t mean your super has to stop growing. You can keep your super working hard for you – even when you stop working yourself – all while drawing a regular income. Attending one of our seminars may assist you.
4. Consider extra contributions
While you’re still working can be a great time to boost your super from your before-tax pay. This is one of the easiest ways to boost your super with ongoing contributions. Plus by contributing a little bit each pay you’ll hardly notice the difference.
If you’d prefer to just make contributions when it suits you, you may like to consider making extra contributions via BPAY and claiming a tax deduction later (eligibility criteria apply).
You can work out which option is best for you by using our Pre-tax vs Post-Tax contributions calculator.
5. Get help from the professionals
You can get help with super contribution strategies over the phone at no additional cost – it’s part of your TelstraSuper membership. We can help you find out how much you can contribute to your super and the potential benefits available for you. You can speak with an Adviser by calling 1300 033 166.
For comprehensive personal advice about a broad range of super and non-super topics, TelstraSuper Financial Planning has a range of advice options available for a competitive fee.
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*Source: Association of Superannuation Funds of Australia, July 2019