Ensuring you have enough superannuation to enjoy a comfortable retirement is important for all Australians.
That’s why ANZ supports the Association of Superannuation Funds of Australia’s Super Booster Day campaign.
Pledge today to top up your super and pay yourself forward for the retirement you really want. A small change now can result in tens of thousands more dollars in your super fund when you’re ready to retire.
Here’s how you do it.
Salary Sacrifice Show more
More super with less tax
Salary sacrificing is when you get your employer to put a portion of your pay into your super before it is taxed.
The amount you ‘sacrifice’ from your before-tax salary into your super will generally be taxed at 15 per cent – generally much lower than your marginal tax rate.
If you earn more than $37,000, salary sacrifice can be a good way to grow your super. The case study on the right shows the benefits of this approach.
There is a limit on the amount you can contribute each year so make sure you're within it before taking action.
Start by asking payroll or your employer if this option is available to you.
Every additional dollar counts Show more
Use your take home pay to boost your super
Simply adding money from your own funds into super can rapidly increase your retirement savings.
You’ve already paid tax on this money when you earned it from your employer so there is generally no tax on these contributions. And it’s as easy as going online to deposit money into your super account.
Such contributions can be especially effective if you earn less than $51,021 a year, as the government will add up to $500 to your fund.
There is a limit on the amount you can contribute so make sure you’re aware of these before taking action.
For ANZ Smart Choice Super customers, making a contribution is as easy as a simple BPay payment.
Biller Code - 169060
Reference Code – This is the combination of your ANZ Smart Choice Super BSB and account number.
The above applies to ANZ Smart Choice Super customers. If you hold another ANZ Superannuation product please call 13 38 63 to discuss your options.
Consolidate your super Show more
Bring your super together
Almost half of all Australians have more than one superannuation fund.1 And about $21 billion are paid in super fees annually.2
That’s a lot of money in fees each year, and nearly half of us are paying two sets of them, if not more.
Finding your lost super or other accounts, and bringing it all together, is one of the best ways to get ready for retirement.
Why pay more than one set of fees when you can consolidate, see it all in one place, and pay only one fee?
According to ASFA a couple will need an income of $58,922 every year to support a comfortable retirement lifestyle that includes some travel, eating out and running a car. For single people the figure equates to an annual income of $42,8933.
The amount needed each year for a comfortable retirement means over 75 per cent of us are likely to outlive our super4.
So it’s important not to just rely on your employer’s contributions, but to tip in extra to help ensure you have enough for retirement.
You can add to your own super using the strategies outlined above.