When it comes to retirement, there’s no doubt that having a healthy superannuation balance can be a game-changer. But if you’re not working, or not contributing enough to your super, you might be worried about falling short. The good news is that you can boost your retirement savings, even if you’re not earning a regular income. In this post, we’ll explore some tips for growing your superannuation and some information on the Super-Rewards superannuation cashback app and how it can give your super balance a welcome boost.
Benefits of extra contributions
One of the simplest ways to grow your superannuation balance is to make voluntary contributions. These contributions can be made either before or after tax. If you’re not working, you can still make contributions up to a certain limit. This can be a great way to take advantage of compound interest and build your super balance over time.
Consider government super co-contributions
If you’re a low to middle-income earner and make after-tax super contributions, you may be eligible for government co-contributions. This means that if you make voluntary after-tax contributions to your super, the government will match them up to a certain amount. This is a great way to grow your super balance without having to contribute too much yourself. The government will work out how much you are entitled to when you lodge your tax return. If you’re eligible, the government will pay the co-contribution directly to your fund.
Be mindful of contribution caps
While making contributions to your superannuation can be a great way to boost your savings, it’s important to be mindful of the contribution caps for both concessional and non-concessional contributions. These caps limit the amount you can contribute to your super each year before incurring extra tax. Contribution caps apply to all super funds. If you have more than one super fund, all your contributions are added up and count towards your caps. How much you can contribute to your super fund and whether your fund is allowed to accept your contribution may also depend on your age and total superannuation balance. Be sure to check the ATO website for the latest caps and stay within them to avoid any extra tax.
Superannuation cashback platform
Cashback apps are becoming increasingly popular and for good reason. They can give you money back on your purchases, which can be a great way to save money and boost your overall savings. When shopping through a cashback app, you pay the same price as if you purchased through the retailer’s website, with the added advantage of cashback into your account. Super-Rewards is a free superannuation cashback platform that rewards Australians for shopping at participating retailers by putting money into their nominated superannuation accounts as an extra contribution. Plus, the cashback you earn can compound over time, giving your super a welcome boost. With over 1000+ participating brands, ranging from major food retailers and department stores to fashion outlets and travel providers, you can easily find places to shop and put more into your super with the click of a button.
Growing your superannuation balance doesn’t have to be complicated or expensive. With a few simple strategies, you can increase your super balance and give yourself peace of mind for your retirement. Consider making voluntary contributions, taking advantage of government co-contributions, being mindful of contribution caps, and using cashback apps like Super-Rewards to give your super a welcome boost. With some effort, you can supercharge your superannuation and start planning for your best retirement. Sign up to Super-Rewards today and start making those extra contributions.
24 years experience at JP Morgan Asset Management & BT Financial Group. Pascale Helyar-Moray is a mother of three, an experienced brand and PR specialist, entrepreneurial leader, Australian Gender Equality Council Director and the CEO & Founder of Super-Rewards.