I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Ready To Save More Super? Below's How To Get Going

Australian Senior Citizens Falling Short

Within 15 years of time, around 4.3 million Australians will be drawing a pension from their super, according to the current study from actuaries Rice Warner.

However, many will not have saved sufficient amount of cash to see them through a comfortable retirement - specifically if they depend entirely on super assurance company payments (presently 9.5 % of income).

Across the country, Rice Warner approximates a space of $727 billion between our actual super cost savings and the amount we need. That's an expected shortfall of $67,000 for each, thinking we spend approximately 20 years in retired life.

Even that calculation is based on a moderate retirement lifestyle, without the extras like normal travelling, exclusive medical insurance and also additional revenue for restorations or a new car. Include expenditures like these and the void gets even bigger.

Fortunately, our super system is made to reward individuals for contributing extra towards their retired life, with possible tax concessions and benefits. So if you want to retire conveniently in the future and perhaps pay fewer tax obligations, below are three approaches you can establish today.

1. Obtain support from the federal government.
If you're gaining between $34,448 and $49,448 and you make an after-tax contribution to your super, you might get a co-contribution payment from the government. The quantity you can start down as your income increases, and cuts out altogether when you've reached $49,448.

2. Salary sacrifice and save.
By contributing some of your before-tax earnings through salary sacrifice, you can not only enhance your super but also save on tax obligations. That's because salary sacrifice payments are usually strained at merely 15 %. But keep in mind, there's a limit to the total before-tax (or 'concessional') payments you can make, and you can be penalised for reviewing that quantity.

3. Put your benefit or inheritance away.
One more method to develop for your retirement financial savings is to add some after-tax (or 'non-concessional') payments. As an example, if you get a bonus, money present or inheritance, or sell a big possession, it's worth thinking about spending it right into super.

The existing cap for after-tax payments is $180,000 in a single fiscal year. If you'd like to invest more, you may have the ability to make use of the bring-forward policy, if you're under age 65 in the financial year. This regulation lets you add around $450,000 in one go (as long as you don't examine this restriction over a three-year period).

More advice on how to save on super are available on our site at - www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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