The older we get, the more clearly we’re able to see what our future might look like.
When you’re young, the idea of retirement is almost abstract. As we get older, a once blurry future comes into focus. This is true with retirement planning and our superannuation.
Studies have found humans have less patience for rewards that are delayed (Halevy 2008). However, as we age, we start thinking and acting more when it comes to retirement planning (Lusardi & Mitchel 2009).
Making that mental leap
So, how can you make the reward of a healthy super balance worth waiting for? It’s as easy as ticking off the three Cs:
Combine – if you have more than one super account, you’re paying more than one set of fees. By rolling your super into your HESTA account, it helps to stop your super being eroded by fees and build you balance. Combine your super now.
Contribute extra – thanks to the power of compounding (which you can check out by using our super projection calculator) money that you contribute today can be worth much more in the future. You can contribute either before tax via salary sacrifice, or after tax by making contributions straight into your HESTA account. Find out more about contributing extra.
Check how your super is invested – you can change how your super is invested in a few simple clicks. It’s worth taking the time to understand the best investment option for your age as it can have a huge impact on the balance of your super at retirement. Make a time to speak to a HESTA Super Adviser to find out what investment option might be best for where you’re at now.
Someone like future you
Check out what some of our members who are nearing or enjoying their retirement say when they reflect upon the journey they have taken with their super.
|“I didn’t really start to take much interest in my super until about 15 years ago. Super was something I let happen in the background. In hindsight I wish I would take the time to understand it much better. Then I could have contributed extra into my super earlier and been more in control by attending education seminars.”
|“Having money takes away a lot of stress as you get older. It is very important to salary sacrifice into your super. If your employer doesn’t offer that option, make your own contributions, you will never regret it. Always check your super balance and choose a reputable organisation like HESTA. It will take a lot of stress away from you.”
|“Superannuation has been very important to me throughout my working life. I have always contributed extra and this has enabled me to have a healthy superannuation balance in my retirement.”
Register for our free online webinar. Find out more about taking control of your super now. Learn more.
This article was sponsored by HESTA.