Superannuation is for our future, so most of us do not think about it. In reality we should be looking at our super each year and seeing if we have enough to retire on. Due to the compounding nature of superannuation it is easy to make a few changes early in your life that can boost your final superannuation by thousands if not hundreds of thousands of dollars, below are a few tips on how to quickly boot your super balance.
Consolidate your super
There is no need to be paying different sets of fees for more than one super fund. It is now easy to consolidate your super into one account using MYGov. It will show you all the superannuation accounts you have and with the click of a few buttons you can have them all consolidated into one account. It will also show you any lost superannuation you may not have known about.
Even small amounts such as $20 per week can increase your superannuation’s final balance by $31,000. You will also get the immediate tax deductions for making these contributions. So maybe next time you receive a pay rise or find simple ways to save money such as cutting back on coffee or bringing lunch, you could pay these amounts into super and have much more money to enjoy your retirement.
While government Co-contributions have been changed in recent years, they are still there and can be a handy was to increase your super balance. If you earn $51,813 or less the federal government will contribute a specified amount depending on the amount you contribute and your earnings.
If you can make simple changes now you could have a lot more in superannuation when you retire to enjoy the finer things in life with, such as a dream holiday or a new car.
We are a small business accounting service located on the beautiful Sunshine Coast and would appreciate the opportunity to help you, your friends, family and colleagues. Contact us on 07 5451 1118 for an obligation-free confidential discussions today.