WA Super News

A little boring now, a big reward later.

29/03/2019

Retirement. So far away / terrifyingly near (please scribble out the one that doesn’t apply to you). According to  the experts of boring super, the Association of Superannuation Funds of Australia (ASFA), the amount needed for a comfortable retirement is $640,000 for couples and $545,000 for singles.

But how do you know if you’re on track?

Most of us would admit to being a little out of touch in the Super department, so the first boring step of your journey to your desired future wealth, is to figure out where you’re currently sitting.

WAS0018 Article Image Graph Option3 2x

Source: Super Guru Super Balance Detective

If you’re not headed in the right direction just yet, a few changes now to get your Super under control could mean the difference between retirement cocktails on a yacht, or cracking a tinny in a… tinny. 

AGE

STRATEGY

20s

Get your super off to a flying start. Check your insurance cover and start making extra contributions to take advantage of the Government co-contributions

30s

Become a super nerd (like us!). Review your investment options, find lost and other super, start salary sacrificing or take advantage of the generous tax concessions including the First Home Save Scheme

40s

Do a comprehensive health check. Review your insurance cover, risk profile and personal contribution levels as you get married (or divorced), raise kids etc

50s

Check in with us that you are on track for a comfortable retirement.  Even better, get personal advice to understand when you might be able to retire and what your options are

60s

Maximize your retirement income. Tap into government incentives, get some personal advice, or look to downsize your home

Remember, these are just suggestions,  in case you were bored and have some time to ponder....why not ponder about your boring super.

Want more boring ways to get to a Super ending?
  1. Plug your birthdate into the Super Balance Detective tool for some insight on whether you are on track based on your age. Plus, if you’re a WA Super member, you have access to our SuperClick Advice Tool, where you can get EVEN MORE boring advice, at no extra cost!
  2. Next time you’re bored scrolling Facebook, try searching for your lost Super instead. You’ll be just as bored, but you could end up with a nice surprise and find some  cash you didn’t even know about. We’ve reunited some of our members with over $55 million just last year, and the ATO is still holding $17.5 billion of lost Super*. Still don’t know where to start? Join now (One of us! One of us!) and we can look for you.

Remember, a little bit of boring now could mean a whole lot of Super later.

WA Super, proud to be boring.
If you have any questions we’d be happy to help. Call us on 08 9480 3500 or email the team at info@wasuper.com.au.


* https://www.ato.gov.au/Media-centre/Media-releases/Check-now-for-your-share-of-$17-5b-in-lost-super/

Information in this article is general in nature and doesn’t take into account your personal objectives, situation or needs.  Before making a decision about WA Super, read our product disclosure statement at wasuper.com.au.

WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162, AFSL 269006, as Trustee for WA Local Government Superannuation Plan ABN 18 159 499 614 (trading as WA Super).

Return to top