5 ways to help you give it a super boost
1. Maximise your contributions
In general, people who make voluntary contributions to their super have a much more comfortable retirement than those who rely only on the amount contributed by their employer. In your 50s it’s worth thinking about making extra contributions, as before-tax super contributions are usually only taxed at 15%.
2. Get some (good) advice
A qualified professional may help you achieve your goals and objectives.
Make sure to tell your financial adviser everything you can about your money- and personal situation so they can help devise a financial plan that’s right for you.
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3. Have emergency savings
Although you may be better off financially than most age groups, you may want to consider having some money put away for a rainy day.
Whether it’s for a well-deserved holiday, or to pay for your children’s education – high school or tertiary – an accessible lump sum can be part of good financial planning.
4. Look at your investment strategy
This is a good time to consider your appetite for risk. Because you don’t have as much time to rebuild your investments if there’s a market correction, your 50s are a time to consider whether a lower return on your investments is a worthy sacrifice for some peace of mind.