My Super is a new incentive recently announced by the Australian Government. It’s important to know where all your super is and to contribute as much as you can to it, when you can. There are lots of tax incentives as you get older to contribute more to your Super. When you retire, it is unlikely the Government can afford to keep us all so it’s extremely important to make sure you contribute as much as you can.

More and more Countries around the world are adopting the Australian Super Scheme. It is touted as being one of the most successful Super schemes seen anywhere to date.

You can now salary sacrifice in to your Super so when you are older and can take super, you will get more to play with. Super works on compounding interest, for example, if your super balance achieves an average of 10% the amount of money will double every Seven (7) years. So if you have $100,000 invested in Super and it gets 10% year return on investment that that same $100,000 will be worth $200,000 in just seven years. You can use the super loan calculator to work it all out.

But dont get too carried away or you will need to get the debt consolidation loans team to help you.

If you are able to contribute more to your super, you see how it doubles every seven years, so if you are 44 years of age now whilst you are reading this, and you retire at 65, if you contribute $20,000 in to it, then that super balance will be worth $60,000 which is huge.

Saving for your retirement should be taken and considered very seriously. If you do not save for your retirement and you rely on Government benefits you could be on struggle street. Save for your retirement, salary sacrifice and salary packaging from your wages/salary and you will benefit from it later in life. You can salary sacrifice in to a credit card too if you are a government worker.

For more information on how you can save for your retirement and the way to maximise your super, speak to a financial advisor.