How do I make the most of my super in my 40s?

It’s never too late to start prioritising your super. After all, life begins at 40 – right?


5 ways to super charge your super

1. Look at your retirement goals

It’s worth becoming an early bird and start planning your goals.

To see if there’s a gap between what you might have when you retire and what you actually need for a comfortable retirement, use the super calculator and check out the ASFA retirement standards.

2. Add a bit extra to your spouse’s super

Contributing to your non-working or low-income (under $37,000 a year) spouse’s super may enable you to receive a maximum 18% tax offset ($540 on contributions up to $3,000 a year).

3. Consider salary sacrifice contributions

Paying some of your before-tax salary directly into your super is called salary sacrifice. By putting away some of your before-tax earnings into super, you could be taxed at a lower rate, allowing you to save money in more ways than one.

4. Reduce your fees

If you have more than one super fund it may be worth combining them to make it easier to track and to cut down on multiple fees. This could save you literally thousands of dollars by the time you retire.

5. Evaluate your investments

As you get older your goals and investment profile may change. Find out where your super is invested, how much risk is involved and whether it’s appropriate for your goals at this time. It’s good to keep a watching brief on this, annually.

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