Make the most of your 'super' pay rise

Tuesday, 1 July 2014

Queensland’s largest super fund is encouraging everyone to use the 1 July increase in compulsory superannuation as inspiration to get their super sorted.

QSuper Chief Strategy Officer said the increase in the compulsory superannuation guarantee from 9.25 per cent to 9.5 per cent was a great incentive for people to take a good look at their super.

“The increase in the superannuation guarantee is effectively a pay rise for your retirement savings. It may not go directly into your pocket now, but it will make a real difference later when you retire,” Mr Pennisi said.

“With the extra money going into your super account, it’s the perfect time to check that you’re getting the most from your super contributions and that you’re on track to achieve the retirement lifestyle you want.

“There are some really simple things you can do to make sure your super is on track.

“If you have more than one superannuation account and don’t want to pay multiple fees, consolidate your accounts into one – this is a straightforward process that your super fund can assist with.

“If you’ve already consolidated your super, then look into the potential benefits of salary sacrificing or making voluntary contributions.

“You can also use the Retirement Income Calculator on the QSuper website to see if you are on track for the lifestyle you want in retirement.

“If you’ve done all of this but you’re still not sure if you will have enough, quality, independent financial advice can help ensure you’re making the most of your superannuation.

“Make sure when you are seeking advice that you ask questions about all fees and commissions and seek a second opinion before making any major financial decision,” he said.

QSuper has a range of calculators on its website, designed to help members make the most of their super now and in the future. QSuper members also have access to competitively priced personal advice through QInvest, the financial planning business of the QSuper group.

“Taking simple steps now could make a real difference to your retirement income and the quality of life you enjoy post-retirement,” Mr Pennisi said.