Look after your future self, today
The one person who holds the key to creating a comfortable retirement lifestyle for future you, is present you. No matter where you are in life’s journey, being active and engaged in looking after your super can pay significant dividends long-term. Many put their super management in the ‘too hard basket’.
But not you. After all, future you is counting on you. To help, we’ve laid out three simple actions - each rated by the time it takes to complete and the potential boost to your super balance.
Find and combine
Consolidating your super accounts into one account makes your money work harder because you save on paying multiple sets of fees. Once upon a time, combining your accounts meant filling in countless forms. But for VISSF members, consolidating is easy. Using the new Super Consolidator tool within Member Online, just click the consent button and we’ll find and combine all your super accounts for you. Easy.
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Make personal contributions
Making a one-off contribution or adding a bit extra to your super every week can make a big difference to your balance. Called personal or voluntary contributions, you simply invest funds from your after-tax income into your super account. You’ve already paid income tax, so no contributions tax applies*. Plus, if you make an after-tax contribution into your super this financial year, you may also get a boost from the Government co-contribution payment. You can make personal contributions via BPAY. Just login to Member Online to access your details and personal reference number.
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Start salary sacrificing
Don’t be put off by the term ‘sacrifice’. Put simply, salary sacrificing is a contribution from your pre-tax income to your super account. This strategy can help lower your taxable income while growing your super. And often without substantially reducing your take home pay. To get started, you will need to speak to your employer about setting up an arrangement. You can call the VISSF Advice Team to find out if salary sacrificing is the right strategy for you.
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*Up to the non-concessional cap amount, see http://www.vissf.com.au/contributing-to-super
Go to the Product Disclosure Statement and Member Guide, available at www.vissf.com.au/pds-documents, for further details about contributing to your VISSF account.
My Super News
Have you been paying attention to your super?
It’s at least 9.5% of our income and one of the biggest assets we’ll ever have. Yet many of us don’t take the time to understand or manage our super. When it comes down to it, your super balance will significantly impact your quality of life throughout retirement. So, why do we ignore it? Read More