It’s a general perception that people see retirement as a far-off notion and not something they need to think about until later in life, especially those at the beginning of their working career. The reality is, the earlier you start thinking about it, the better. You could think of it as a savings account for your future! 
 
According to Australian Bureau of Statistics* men born in 2018 can expect to live to 80.5, women born in 2018 to 84.6. This means if you stop working at 60, you’re likely to need retirement income for at least 20 to 24 years.
 
It’s worth thinking about your super no matter what age and understanding what it means for you in the future. It’s important for you to make good decisions early on, as it could have a significant difference to your retirement.
 
Think about your future-self
 
Review your investment option to make sure it’s right for you
 
Your super is one of the largest sums of money you will ever have to manage. You can invest your superannuation in a stack of different investments.
 
However, it’s your choice with how you choose to invest your super to help grow your balance over the long term. Making this choice as early as possible can make a real difference to your future. Most superfunds will have a variety of investment options available and depending on your risk appetite and goals.
 
Ways to help grow your super
 
Life is a balancing act and people become accustomed to their lifestyle; living in a particular suburb, having regular overseas holidays, eating out a few times a week.  Building your super now, may make it easier to sustain your lifestyle in retirement.  
 
If your compulsory 9.5% employer contribution won’t be enough to sustain your lifestyle in retirement, making additional contributions*  to your super can boost your retirement balance to help achieve your future goals.
  
Consider financial advice
 
The clearer you are on your retirement goals, the easier it will be for you to put a plan in place. To ensure you are maximising all opportunities and taking the right steps, financial advice is a great place to start.

Check insurance options
 
Most funds provide insurance cover by default. It’s important you check and understand your insurance cover provided by your super fund and determine if it is the right cover for you. As your life changes, generally so will your insurance needs. 
 
If you need more information Rest hosts a range of calculators on their website to help you forecast retirement income, work out how extra contributions can boost your savings, and check how long you can expect your super savings to last.



 
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* The government limits how much you can contribute. If you contribute too much, you may have to pay extra tax.
 
As we have not taken into account your circumstances, please consider whether this information meets your needs. Go online for a PDS to consider before deciding. This information is provided by Retail Employees Superannuation Pty Limited (ABN 39 001 987 739) as trustee of Rest (Retail Employees Superannuation Trust ABN 62 653 671 394).

 

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394 (Fund), of which Rest Super, Rest Corporate, Rest Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website. The cost of providing financial services is included in the fees in the Fund as disclosed in the relevant PDS. Rest and the Fund do not charge any additional fees or obtain any commissions for the advice provided. Rest’s employees are paid a salary and do not receive any commissions. They may receive a performance related bonus that takes into account the financial services provided. Super Investment Management Pty Limited (ABN 86 079 706 657, AFSL 240004), a wholly owned subsidiary company of Rest, manages some of the fund’s investments. Apart from this, Rest does not have any relationships or associations with any related body corporate or product issuer that might reasonably be expected to be capable of influencing Rest in providing financial services.

Rest personal advice is provided by Rest Advisers as authorised representatives of Link Advice Pty Ltd ABN 36 105 811 836 AFSL 258145

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at rest.com.au/about-rest/awards. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au