When it comes to retirement savings, women are likely to retire with significantly less in their superannuation funds than their male counterparts.
However, there are simple ways to boost super savings that you might want to consider.
Make regular contributions
While your employer is required to contribute to your super on your behalf, it’s a good idea to start making regular contributions of your own.
Thanks to compounding interest, the earlier you start, the more you save – and even a modest monthly contribution can have a powerful impact on your long-term savings.
If you’re self-employed, you don’t have to pay yourself super – but it’s still important to think about your financial future. And, you might even be eligible for a government co-contribution.
Consolidate your accounts
If you have switched jobs over the years, you may have ended up with multiple super accounts – which means you could be paying more in fees.
By consolidating your super into one account, you can reduce your fees and potentially increase the amount of interest you earn.
Leverage your self-managed fund
If you have a self-managed super fund (SMSF), you may be able to leverage the power of your super with an SMSF loan.
An SMSF loan is not limited to the size of your super and can help you build your portfolio when investing in residential or commercial property.
To find out more about SMSF loans, contact a Liberty Adviser today.