The Super Booster Day campaign to encourage Australians to contribute extra to super has been launched.
“With nearly 70 per cent of people over 65 struggling to maintain the comfortable lifestyle they’ve worked so hard to build up, the Association of Superannuation Funds of Australia (ASFA) and Money magazine have launched Super Booster Day to encourage Australians to contribute a little extra to their super now,” said ASFA.
The Super Booster Day campaign runs from the 7th of July until the 15th of September.
“We want to help Australians achieve their lifestyle goals when they stop working and this requires some forward planning”, said Super Booster Day Ambassador, and former CEO of ASFA, Pauline Vamos.
“Topping up your super early, can turn into huge rewards for your future, it’s almost like paying yourself forward. It’s the small things, just cooking an extra meal at home each month could add $38,796* to your super nest egg”, Ms Vamos said.
“Unfortunately there is a huge gap between the current average super balance, $112,000 for women and $198,000 for men, versus ASFA’s Retirement Standard of $545,000 for a single person or $645,000 for a couple to live a comfortable lifestyle in their retirement.”
According to ASFA only 7% of Australian employees make extra contributions to their super, and the majority of those people are aged over 55. Also the number of people making additional contributions is lower than 5 years ago, which ASFA ascribes to changes to the contribution caps and the Super Guarantee rate.
“To pay yourself forward and for a range of information, tips, checklists and links to SuperGuru Calculators on how to better manage your super, Australians are urged to visit www.superboosterday.com.au before 15 September 2016 and follow the 3-step guide to make their pledge,” says ASFA.
Super Booster Day is supported by the superannuation industry, including ANZ, AMP, BT Investment Management, MLC, Q Super, REST, sunsuper and UniSuper.
“*Calculation made using superguru.com.au calculator and based on a 30-year-old person putting an additional $35 each month into their super account, assuming 5% pa growth over 35 years.”