Description
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.
Introduction
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:
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