I am a bit of a superannuation fan. Not everyone is, but I reckon you have to plan for the future you want and aim for it. It is no good just hoping that by the time you get to retirement you’ll have enough.
Did you know that by the time you get to 65yrs old, you’ll probably need $627,500 as a couple to live comfortably in retirement. That freaks me out. How on earth are we going to get that much money if all that is being saved is just the 9% per year that our employer contributes from our salary packages? Could you live right now on 9% of your salary?
I have 2 words for you – Salary Sacrifice. If you put $50 per pay towards your super from now until you retire you’ll be miles ahead, plus that $50 is taken out of your pay prior to tax, so in effect you’ll be paying less tax on your gross wages. Another way to get ahead if you earn under $50 000 (like us Stay at home mums or part timers), is that the Government will top up your account with $1500 for $1000 that you contribute after tax.
Get saving – surely that is the most empowering thing you can do.
thanks Dr Phil!
But you have got me thinking!!!
x
xxx
You have got me so worried now after reading this. In the back of my mind I always knew I wasn’t putting enough money into my super fund but week by week never wanted to part with any more. I’ve done some calculations on the amp web site and am freaking out now I won’t have anywhere near enough $$$ when I am 60.
I sooooooooo need to win LOTTO. How can I make this happen without breaking any laws………lol?
I have some serious financial planning to do. Thanks for the reminder and for making me start to think about it now before it’s totally too late.
Proud of you Fran!!! You’d make a great Treasury officer … x
Fran…
1. What a busy life you live, i tired just reading it…
2. Super your right! This is my passion and this is the key to freedom, use the govt changes as much as you can they can be great for all… Navigator has a great website to educate you on such matters. Look into tax benefits for both you and Justin as a great way to reduce tax as bus. owners. Also keep in mind that the Co-contribution is on those that earn a taxable income under $58k but is scaled, but changes have been made lately. one more great thing is that you can even pay insurance on yourselve in a super environment and still get such a benefit paid…
3. I have just realised how much i miss it and how it can really make a difference… thanks Fran
4. hope you are all well, will send photo’s of our babies soon… love to all