Get the most out of your superannuation

Your superannuation won't be so super if you don't take the time to maximise its benefits. Superannuation can act as a safety net to help you reach your financial planning goals and enjoy a comfortable retirement, but it's up to you to ensure you get the most out of it.


Actively managing your superannuation

For most people, superannuation is something they know they'll depend on but think about much too little. Even if you don't want a self-managed super fund, it's important to actively get involved with your super. Initially, you should:

  • Find out which type of fund your employer is paying into on your behalf.
  • Determine how much money you can afford to add to your super on top of this.
  • Research whether you're eligible for any co-contributions from the government.

The goal is to be more hands-on and informed regarding your superannuation and retirement strategies.


Super contribution strategies

There are a number of ways to boost your super contributions. The simplest strategy involves simply increasing your super contributions. This can be done with salary sacrificing and after-tax contributions, among other ways.

While putting more money aside for your super may sound difficult, MOVO's lifestyle budgeting tool can help you figure out ways to cut costs and save more. Another option to consider is working to reduce the fees you pay to have your super fund managed. In the same vein, putting your money into a different fund that features investment options with higher returns may also be an option.

However, it's essential to speak with a qualified financial planner before making any big decisions regarding changing funds. The experts at MOVO can help you determine which choice will help you along on your financial journey.

What are you waiting for? After all, failing to plan is planning to fail.