#LIFEHACKS SIX DAYS TO CHANGE YOUR LIFE TOMORROW Why a younger eye on super is salient

WHETHER it’s over the phone or online, here are the key questions you should ask your super fund if you want to build wealth faster and avoid wasting money. Salary sacrificing part of your weekly wage, which gets taxed at just 15 per cent instead of your marginal tax rate; Taking advantage of incentives such as the government’s super cocontribution or spouse contribution; Consolidating multiple super funds into one to save on fees; Checking the insurance cover you have within super to make sure it’s not costing you unnecessary premiums; Changing your mix of investments in super to target more growth assets such as property HOW TO SCORE A PAYRISE and shares if you have decades before retirement.

A raft of other changes that came into force last July do not hurt most workers, but NDA Law managing director Andrea Michaels said the constant tweaking of rules was damaging people’s confidence.

“Even if you are not affected by the contribution caps, you may not understand the system because they keep playing with it, and that’s a danger,” she said, adding that super fund members needed to pay attention sooner in life and not bank on a future healthy government pension.

“It’s going to be tough for the government to continue the age pension at the (current) level,” she said.

“If you make small contributions in your 30s the compounding effect of that money is going to mount up.”

The Australian Securities and Investments Commission’s moneysmart.gov.au website has a range of calculators that help you forecast your nest egg and retirement income, work out how extra contributions can boost your savings, and check how long you can expect your super savings to last.

“People are generally healthier and living longer,” it says.

“Retired men can expect to live to 86, retired women to 90. This means if you stop working at 60, you are likely to need retirement income for at least 26 to 30 years.”