Superannuation Guide For Retirement

From: 10,001 Time Saving Ideas

Superannuation – the retirees’ Holy Grail

Preparing for retirement is neither quick nor easy, but there are some basic timesaving shortcuts that can help make the process simpler.

Take full advantage of the magic of compound interest over many years with regular savings, in the form of superannuation contributions. This will significantly reduce the number of years you need to build up an adequate retirement fund.

There have been big changes to superannuation legislation in many countries over recent years as populations age, so it’s vital to know how those changes may affect you. Go online and check government web sites to find out your position in relation to superannuation, or contact your accountant and ask them to summarise that information for you.

Keep all employer-funded superannuation contributions in the same fund rather than a number of separate accounts to save both time (the funds will accumulate more quickly) and money (reduced fees).

Register to check what’s happening to your superannuation whenever it suits you. Superannuation funds manage large amounts of your money, and online services give you the flexibility of keeping an eye on things without spending time getting in touch with your fund manager.

Go online to change the mix of your superannuation fund investments, keep track of fees and update your personal details. This way you’ll be able to track the progress of your nest egg without investing a lot of time in the process.