How you can increase your Pension balance in retirement
Usually, for anyone owning their house, this is their biggest asset. For many their second biggest asset is their superannuation fund. It is this, the amount of superannuation you have accumulated, which will help determine your retirement lifestyle. The more you have in super, the larger your pension balance, and therefore the larger the income stream you can take and enjoy in retirement.
There is no magic “one step” formula, but there are many little steps that you can take to help boost your super balance, and work towards a better lifestyle when you retire.
- Having more than one super fund could be costly – it is easy to roll your super into one and save on running costs and fees.
- Having lost super is easily avoidable – we can help you do a lost super search and find any that may be lost. Then we can help you roll it into one.
- Making regular contributions into super – this could be via salary sacrifice, e.g. before tax. Or it could be a voluntary contribution, e.g. after tax. Either way, it is a boost to your balance.
- Making sure you are in the right investment option – depending on your time frame, you might be able to adjust the investment option you are using and switch to a more suitable one giving you more longer term growth potential.
- Making spouse contributions – why should you have all the fun! You could contribute into your spouse’s super account (anyone can join BUSSQ so you could both be BUSSQ members). In some cases you may be eligible for a tax rebate for some of your spouse contribution.
These are just some of the steps you can take to grow your super – we call it getting rich slowly! If you make these a regular habit, and do it for long enough, before long you will reap the rewards and see your super growing even more. Which means you can enjoy a larger balance when you retire, and have a bigger retirement income. See how you can boost your super.
From transition to retirement and retirement planning, to superannuation investment options and retirement income stream choices, BUSSQ’s team of pension specialists is here to help. Book in to speak with a Skylight Financial Planner today and get your retirement sorted.