Download the Money Magazine Super Booster Day special report (pdf)
Hello and welcome to this Money magazine special report. I’ve been given this opportunity to let you know about Super Booster Day – a fantastic initiative launched by Money and the Association of Superannuation Funds of Australia (ASFA) – and explain how and why QSuper is getting behind it.
First, a bit of background. When it comes down to it, most Australians don’t have enough money for their retirement. On average, we’ll spend 23 years enjoying retirement but only have savings to cover the first 10. That’s quite a few years when many people will become completely reliant on the age pension, unless they have an alternative source of income.
By contributing a bit more to their super accounts while still working, many of these people will find their savings last a whole lot longer in the years ahead.
At present, though, the vast majority of people aren’t taking action by putting that extra bit away. In fact, only 7% of Australians currently make any extra contributions to their super, and fewer than 20% of single people and 30% of couples (aged over 65) reach a comfortable standard of living. And it only takes a small change now to deliver big rewards down the track – in fact, once you get into the habit, you won’t even notice it.
Super Booster Day provides a great way to remind all Australians about the benefits of boosting their super before retirement. Specifically, it aims to turn the statistics around by getting people to make a pledge to top up their super, either on a regular basis or as a one-off. Even a small top-up makes a difference and is worth the effort.
At QSuper, we’re here to help our members prepare for a more comfortable retirement so they can look forward to their best years. By working co-operatively with other funds to spread the word and encourage more people to salary sacrifice a small amount into super each pay, we’re helping our members create a more secure financial future.
I congratulate Money and ASFA, and the other industry members involved, for coming together and creating Super Booster Day, and I look forward to the benefits it’s sure to bring – not only to QSuper members but to all Australians.
All the best.
Chief of Member Experience, QSuper