Amy aged 35, adds an extra 1% for 30 years.
That gives her...
So now you can see the difference just 1% more can make, find out how you can do it.
There are two easy ways:
'Sacrificing' some of your salary to your super through your employer can be a great way to boost your super and pay less tax.
If you earn more than $37,000 a year, building your super through salary sacrifice can make sense, as your contributions may cost you less than what you lose from your take home pay.
If your employer agrees and you want to salary sacrifice to your account:
Your employer and TWUSUPER will take care of the rest.
Not all employers offer salary sacrifice. Check salary sacrificing will not reduce your Super Guarantee payments or leave entitlements, and seek financial advice if you are unsure if salary sacrifice is appropriate for you.
Making regular or one-off contributions from your after tax income to your super could entitle you to free money from the Government!
If you earn $31,920 per year or less and are eligible, the Government will match every after tax dollar you contribute to super up to $1,000. You can earn up to $61,920 and still be eligible for some free money.
You can contribute by EFT, BPAY®, direct debit or cheque. It's up to you.
You can monitor your contributions and any Government co-contribution you receive online using MemberAccess.
Assumptions: Investments in the Balanced option with assumed return of 6.5% p.a. (net of tax);
Allowance made for the Government co-contribution where income threshold increases at AWOTE; AWOTE increase rate of 4% p.a.; Retirement age of 65; Current
TWUSUPER fees are deducted from accounts; Expressed in future dollars (i.e. not discounted to present value for inflation).
BPAY is a registered trade mark of BPAY Pty Limited.