If you’re lucky enough to have a few days relaxing at the beach or beside the pool this summer, you may want to use some of that downtime to think about ways to supercharge your retirement savings.
Here are a few initiatives to think about.
Consolidate your accounts
If you have more than one super account, it’s likely you’re paying multiple sets of fees which could be chipping away at your retirement savings.
If you’d like to merge your accounts into your Active Super fund, it’s relatively straightforward. You can consolidate your super with just a few clicks online on our website.
Remember to check that you’re not losing any insurance benefits or features before you make the move. You may be able to transfer insurance to Active Super.
Put extra savings in super
If you happen to have a bit of extra cash lying around, you could think about making a personal contribution to your retirement account.
Making additional contributions doesn’t have to mean a huge financial sacrifice. In fact, making small additional contributions to your super over time can be more effective than stepping up your savings later on. There are a few ways of making an additional contribution and the good news is, they're super easy to do. Check out some of the ways to grow your super. You may also be eligible to claim a tax deduction if you meet the criteria.
Top up your spouse’s super
Did you know you can add to your spouse’s super and maybe receive a tax offset as well? It’s pretty easy too.
If your spouse is an Active Super member and you want to add to their super, ask them to log into their member online account then head to the spouse contributions page. When you’re filling in your tax return, you may be able to claim up to $540 if you and your spouse meet the requirements.
Super while you shop
If you’d prefer to pair sunny days with a bit of online shopping, you can still add to your super while collecting some bargains.
Active Super Booster lets you collect non-concessional contributions – paid into your account quarterly. Simply shop at partner retailers to receive small top-ups into your super with every eligible purchase. It’s not a round-up, it’s a super boost and it’s covered by the retailer. ^
If you require further advice on your retirement needs, then contact one of Active Super’s financial planners. Feel free to contact us on 1300 547 873 or make an appointment to see how we can help.*
^Please note, participating retailers and reward offers are subject to change. A full list of current participating retailers can be found here.
"Please note, should you choose to meet with one of our planners and decide to not obtain personal advice, no fee will be payable. However, fees may apply should you choose to proceed to personal advice. Your financial planner will discuss any fee payable when meeting with you and, if a fee is applicable, will advise you of the fee should you decide to proceed with obtaining the advice.
Any advice and/or information in this article is general in nature and has been issued by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321)(‘Active Super’). This article does not take into account your personal objectives, financial situation or needs. Before acting on it, you should consider the appropriateness of it having regard to these matters. If you would like advice that takes into account your personal circumstances, please contact a financial adviser.