EX­PERT TIP Jack McCart­ney, UniSu­per

Money Magazine Australia - - INVESTING -

1 Con­sol­i­date your su­per. If you’ve had more than one job, it’s likely you have more than one su­per ac­count. Yet hav­ing two, three or maybe even more could be cost­ing you in ex­tra fees each year. As you ap­proach re­tire­ment it’s im­por­tant to con­sol­i­date your ac­counts. 2

Make ex­tra con­tri­bu­tions. In the lead-up to re­tire­ment many peo­ple con­sider mak­ing ex­tra con­tri­bu­tions to in­crease their nest egg. You can make th­ese con­tri­bu­tions both be­fore and af­ter tax but be aware of the var­i­ous an­nual lim­its on each of th­ese types of con­tri­bu­tions. 3

Have you cho­sen an in­vest­ment strat­egy? Choos­ing the right one for your age and tol­er­ance for risk can be an im­por­tant fac­tor im­pact­ing on your bal­ance. 4 Have you got a fi­nan­cial plan in place? You’re likely to need a reg­u­lar in­come for at least 20 years once you re­tire. It’s im­por­tant you struc­ture your as­sets to maximise any en­ti­tle­ments you have and to en­sure your money will last. A qual­i­fied fi­nan­cial ad­viser can as­sist you with this. 5 Re­alise that su­per is complex. It’s im­por­tant to un­der­stand the op­por­tu­ni­ties and pos­si­bil­i­ties. At UniSu­per, we of­fer our mem­bers free ed­u­ca­tion sem­i­nars and we­bi­nars to arm them with the facts needed to build re­tire­ment sav­ings with con­fi­dence.

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