Check out your super balance
WHEN you’re tubby, you can’t a hide it. Your muffin top is on display to the world.
When it comes to wealth … you can hide a lot of lard in a l leased Lamborghini.
Yet if you flashed your fin financials to the world, how wo would you measure up?
I was asked that by Le Leanne, a 36-year-old reader, so I thought I’d use it as an op opportunity for everybody to le let their super balance wobble about. This chart (right) from the Association of Superannuation Funds of Australia (ASFA) shows the average super balances for men and women based on age. How do you compare? LEANNE ASKS: I am single, earning $58,000, with no kids, and have only $56,000 in super. What can I do, apart from after-tax contributions, to boost it? BAREFOOT: You’re about middle of the road for women your age. I’d suggest going to the superannuation calculator on government website moneysmart.gov.au.
You’re on track to retire with $247,623.
If you switched from your super fund’s default “balanced” option into a “high growth” option, the calculator suggests you’d boost your fund by about $20,000, to $267,941.
And if you switched to a low-cost fund, you’d increase your end balance by almost $50,000, to $297,609.
Yet the single best thing you could do is to work out a way to earn $5000 more a year. Being single gives you more flexibility to try some of these options.
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