SUPM046 Low income earners: Six super hacks to retire richer (614 words)

In this article we specifically focus on low income earners, reinforcing that even a modest balance can make a big difference in retirement and listing six tips to assist in growing their superannuation savings. The article finishes with a recommendation to seek professional advice.

While it's easy to be discouraged by superannuation and fear you will never have enough money saved to stop working, remember even a modest superannuation balance can make a big difference in retirement.

For every $100,000 saved in superannuation, you can expect these funds to generate a return of 6%, or $6,000, a year. When this is paid out as a pension, it equates to $500 a month tax-free. Of course, this is doubled if both you and your partner have $100,000 each in super. Depending on your overall financial situation, this can be paid in addition to you receiving a full age pension.

Here are six super hacks to help you maximise your super balance: