ANZ Smart Choice Super Investor Update : Member Update Winter 2014
16 So what strategies can you use to overcome the super savings gap? Take an hour out Give yourself an hour of uninterrupted time to get on top of your super. Because a lot of women have had multiple jobs, Vamos says there is a real risk they have money in several different accounts, which could be chewing up your savings in unnecessary fees and insurance costs. Of course, before consolidating your super funds, it’s important to check whether there are any adverse consequences for you such as termination fees or the loss of insurance benefits or other services. Start young If you have the luxury of being younger, it should cost you a lot less to “top up” your super now than to try to catch up after time off work. It’s simple compound interest. Money you put in now should be growing while you’re out of the workforce later on, leaving less of a gap when you come back to work. If you come back to work when you’re older and try to make up the extra contributions then, your money will have much less time to grow. Many women work part-time after having a family, which can also limit your ability to play catch-up with your super. Little bits count Even if money is tight, extra contributions to super can count. Vamos says one of the best ways to boost your savings is to take advantage of the Government super co-contribution. If you’re eligible, the government may kick in 50 cents for every dollar you contribute (as a personal contribution), up to a maximum $500 (on a $1000 contribution). Your partner or family may be willing to give you $1000 to contribute. 16 ANZ Smart Choice Super has made it easier than ever for you to round up your super. Now you can do it all via ANZ Internet Banking. We will find your other super for you using your Tax File Number.
Member Update Spring 2014
Member Update Autumn 2014