Growing Super As a Young Person
Though it seems far away when you are young, it is never too early to start saving for your future. Superannuation is a good way to save for retirement. However, many underestimate the amount of money they will need to retire.
Here are some tips to help you grow your super savings in the early years:
Make sure that your employer is paying super for you (and as much as you deserve). As long as you make more than $450 in a month, your employer should be making contributions into a super fund on your behalf. They should pay at least 9.5 percent of your wages (or ordinary time earnings).
It is important to remember that if you are younger than eighteen, your employer only has to put money towards your super if you work more than thirty hours a week. You can easily find out if your employer is paying your super by looking at your pay slips.
If your employer is not paying, you should start talking to them. If they continue to miss your payments, you should contact the Australian Taxation Office (ATO). They will be able to help you to ensure that you are getting the money that you deserve.
Put all of your accounts together. Many people have more than one super account. This can be expensive, when you think about the charges and fees that you will have with each account. For this reason, it is much better to have all of your money in one spot. It also makes it easier to keep track of your super. As a Nationwide Super member, we’ll help you track down and consolidate all of your super accounts for free.
Put as much money away as you can. If you are able to, put some extra money aside each month. By contributing a little extra to super, you can make a big difference to your super balance when you retire. You may also be eligible for extra super payments from the government if you are on a low income.
Get in touch with us to find out how you can grow your super savings.