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It is not enough to simply think about the enjoyable things you will do
when you're not working. You need to plan how to finance the retirement
you want. You should plan when you will retire. This will give you an idea
of how many years you have to focus on building your super.
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If you have paid off your house or your mortgage is at least under control,
your expenses will have decreased. Your children may also be approaching
independence. This is the perfect time to concentrate on building your
super for your retirement. If your superannuation savings are less than
you would like, make the most of the years before you retire to add to
it. You can increase your super through salary sacrifice, voluntary contributions and spouse contributions. Contributory Scheme members also have the option of increasing their
contribution rate.
Benefit from super tax advantages
If you make superannuation contributions, you have the added bonus of investing
your money in a low tax environment. Super earnings are taxed at the relatively
low rate of 15%. Where possible, you should also maximise your spouse's
super by opening and contributing to a Spouse Account. If you and your spouse have a reasonable amount of super this will provide
you both with a tax effective retirement through an Allocated Pension.
Make a retirement plan
You are more likely to reach your retirement goals if you have a retirement
plan. RBF staff can help you plan for your retirement. You can discuss
your estimated RBF benefit and retirement options with us. To arrange a
free personal interview, please contact us.
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