SMART PIGGY: It's never to early to start planning and saving for your retirement.
SMART PIGGY: It's never to early to start planning and saving for your retirement. Kevin Farmer

Kick start your superannuation

THE LIFESTYLE you can afford in retirement will depend on how much money you can save.

Starting early gives you a good head start and now is the time to take control.

Small adjustments to your savings strategy will pay big dividends at retirement.

One of the best options to grow super is making additional contributions.

This is the starting point to keep your super on track and is an easy step you have total control over.

Work out how much you can afford to save from each pay and commit to investing it every fortnight or month.

An expense or budget planner may help map out expenses and identify some cost reductions.

Then, invest in assets with potential for higher return such as shares and property but don't forget the higher the potential return, the higher the level of risk.

You need to look carefully at the options and the risk of your money going up and down as well as the changes in income levels to pick a mix that you are comfortable with.

Finally, gauge the tax effectiveness.

The reason why super can work to save for retirement is the way the tax rules work.

You might pay less tax on salary paid into super than is paid into your bank account.

This is called salary sacrifice and needs to be arranged with your employer.

The less you pay in tax, the more money you will have in your account.



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