What’s not to like about a healthier, meatier looking super balance? Boosting your super has many advantages. The compulsory 9% super contributions may not be enough to sustain the level of living you do as a working person, right through to your retirement. Making small top-ups to your super now can have huge advantages later on in life. This is the beauty of compound interest.

Government Co-contributions

You may have heard of the Government Co-contributions scheme. It was initiated by the Government to encourage low-income earners to make additional contributions to their super. What’s the incentive? Depending on your salary and the amount of your additional contributions, the Government may match your payments by 100%. It’s the easiest way to turn $1,000 into $2,000. Visit the ATO’s web-site for a full schedule of benefits and eligibility requirements.

Salary Sacrifice

Salary sacrifice is also a great way to beef up your balance. Ask your employer to take out an extra $100 per month and by the year end you will have added $1,200 to your super! Because the payments are made from your pre-tax salary, you will barely notice it. Check out the SuperSavvy to see if your current super balance will be enough to see you through your retirement.

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