Maximise Your Super: Tips for a Wealthier Retirement with Anne Fuchs

When’s the last time you checked your superannuation?
A lot of Australians may not realise it, but they may be sitting on a monster. Our choices made when we’re young could be worth thousands or even millions of dollars in retirement. That is why Australian Retirement Trust is calling all Australians to awaken their super.
In this episode we cover:
The stats about how dis-engaged Australians are with their super
What we can all do to ensure we’re on the right track
How we can think about what we will need in retirement
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[@paulsteven4551]

When I was 18 & started work my father talked to me about super & retirement. Best 2 pieces of advice. 1 Put extra into super, even if a few dollars a week, as you never had the money so you will not miss it. 2 Live well within your means. In my 50's now planning early retirement. I see exactly the same thing now as 30+ years ago. People spend spend spend then blame government & everyone else. People I started working with have less than half the super I do, will be lucky to pay the mortgage off by 65. Sure people can live their lives, but most people only have thenselves to blame.

[@denizsahin4176]

true, I'm 19 but don't have much experience however ill be seeing people spend on meals and unnecessary items and later wonder why they going to be financially doomed. my parents are immigrants to Australia and have managed to have a home with no mortgage and plan on building 3 units soon, some parents need to also realise that in this economy for the average person it is impossible to get "rich" without some financial support, it's concerning to hear that apparently 30% of Victorians own their home outright (no mortgage), so it doesn't make sense how most Australians (multi generational) that have parents born here are unable to pay off their mortgage, literally setting their kids up for financial hardship, where as my family with little to no specialised education are able set up their kids (me) with a house they i will eventually own, at the end of the day people are lucky to be in Australia especially pre 2000 and if your aren't somewhat financially sound you have yourself or parents to blame, if some parents had better motivation to ensure their kids are going to be set up, their wouldn't be all this crisis with affording basic necessities, its unfortunate that some capable parents aren't financially sound at their age and their kids suffer the consequences of being essentially stuck in a pit of bank loans and working their life away so by the time their are 60 (in todays economy) they will be homeowners.

[@robsalvv5853]

If you can afford to salary sacrifice to the max on top of the SG, the super balance at preservation age will be very substantial and probably challenge the transfer balance cap at retirement. That is waaaay above the minimum for a “comfortable retirement”. Your older self will thank your younger self if you can manage to do this.

[@rossbaker9721]

Jeezus 40 years olds with only 90k that’s not great.

[@rossbaker9721]

How do you factor in inflation over the years of work to retirement when factoring in your balance for retirement?

[@marknolen7878]

I'd suggest the $560k would be if you are 67 and retiring this year. Therefore I would add inflation costs to the equation to increase this balance when hitting retirement age.

[@rossbaker9721]

Money smart calculators says I should have 1,023,774 by age 67 😊

[@leea7582]

As an oldie I think that is more like the figure you need. My personal
Opinion.

[@maddysydney]

@@leea7582Agree. Whatever the govt tells you need, or your own calculations are double them, and double them again to allow for unforeseen events or expenses. Better have more than less.

[@timsynnott2150]

Libs gave a super release, that was awful

[@joepistone8922]

100% reason why we don't pay too much extra to super is lack of accessibility

[@krackthesky-valueinvesting8373]

Superannuation is not meant to be accessible in the short term for the very fact that the average person doesn't have the self control to think of their future self over their immediate self gratification. 😀

[@drobeofwar7588]

The government seems to think superannuation is not for being wealthy, it's just for bare minimum sustenance

[@krackthesky-valueinvesting8373]

The government doesn't think for you, you think for yourself. You can have a maximum super balance of $1.9 million at retirement, if you achieve that is completely up to you. I am sure that you could have a very comfortable live living off that balance after retirement. I suggest that you take the time to educate yourself because superannuation is one of the most tax effective investment in Australia. 🙂

[@robsalvv5853]

3 legs of self funded retirement - what is in your bank account / investments, the pension and super.
The gov is forcing you to have some kind of balance in one which you can have a significant impact on if you are able. It will provide poverty line support in another. The third is entirely up to you and the fortunes of your path through life.
Australia can’t afford to give retirees a tax payer funded comfortable life. If you can, you must do something today for your future self.