1 Start Your Retirement
7 Steps
- Take a detailed look at your current household budget and regular expenses to work out how much (if any) spare money you have left each week or month that could be contributed to super.
- Think of ways to reduce the gap between how much you want to live on in retirement and your likely nest-egg (save more, spend less, stay at work longer).
- Investigate the type of super contributions that would be best for your situation. Consider whether additional super contributions should be from your before-tax or after-tax money.
- Review your current financial assets to ensure they are all performing. Consider whether any of them should be sold and reinvested to generate a higher return.
- Think about whether you’re prepared to accept more investment risk to earn a higher return on your super account and potentially create more comfortable retirement.
- Consider changing your super account’s investment option.
- Consider speaking to a financial adviser for personal advice on how to boost your finances in retirement. Your super fund may be able to offer you retirement planning services, or you can seek independent financial advice.