Watch our video (3.01) and hear Greg Elias, an AMP Client Adviser, explain five ways to grow your super to save for a comfortable retirement.
Greg explains how these methods could potentially give you greater control of your super and reduce fees and paperwork, while building your super balance. You may even be eligible for concessions. Watch our video to learn more.
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About this video
Greg works at AMP as a Client Adviser. In this video, he shares five recommendations that he made to his client, a woman with a young family and a newborn baby, to help her grow her super:
1. Consolidate super accounts
This will reduce the fees on her super accounts, keep track of paperwork and manage her investments. But she also needs to weigh up any exit or withdrawal fees, and the features and benefits of each super fund, such as insurance, which will not automatically be transferred to her chosen fund.
2. Move super to a fund that offers lower fees and charges
There might be fewer features and benefits, such as investment and insurance options, so it’s important to consider whether this is right for her.
3. Change investment preferences
Rather than accept the default option she was offered by the superannuation fund, she could consider an investment profile that might be more suited to her situation.
4. Make spouse contributions
Her husband could make post-tax contributions to her super account, to build up her super balance while she’s on maternity leave. This would affect his take home salary, but he could also claim a tax offset on up to $3,000 of those contributions.
5. Make salary sacrifice contributions.
When Greg's client returns to work, she could consider salary sacrificing into her super to catch up on when she wasn't making contributions. This would impact on her take home pay, but it’s a good way to boost her super and put money aside for the longer term.
These five simple strategies could help Greg’s client to reach her financial goals so she can look forward to retiring comfortably.
Everyone’s different, of course, so you'll need to consider your own circumstances and you might want to see a financial adviser before making any decisions about your own super.
Boost your super balance and save on tax by contributing the cost of a daily coffee to your super.