Make one change to your Super to change everything
Now that we are well into the New Year hopefully those of you who decided to focus on building your Super Wealth have taken the first step towards implementing a plan. Sometimes New Year’s resolutions get left behind because taking that first step is the hard part especially if you don’t know where to start.
An easy place to start is to just take control of your Superannuation by rolling all of your Super Funds into one. This will help build your Super Wealth by saving you money not only on fees but you may be paying for Life and Total and Permanent Disability Insurance in more than one fund.
If you don’t know where all your Superannuation is then go to www.my.gov.au and sign up, once you are up and running you will be able to see all of your Superannuation Funds in one place.
If you are already in control of your Super then a good place to start is to contribute a little extra each week. I can’t stress enough what a difference it will make to the amount of wealth you will have in retirement if you just start chipping away at it today.
For example if you are 40 years old and have 20 years until you retire and you decided today to put $100 a week extra into your Superannuation it would be worth approximately $254,614* when you retire.
If you can’t spare $100 a week right now don't worry just choose an amount that you are comfortable with because every bit counts. The key is to start with what you can afford today and work towards adding more in the future.
You only have to make one change to change everything!
*$254,614 takes into account contributions tax of 15% when you contribute into your Super Fund and is based on after tax returns in growth assets utilising Russell Investment 10 year returns up to December 2013 in Superannuation Accumulation Phase.