Super Booster project wants Aussies to connect with their super
Around 2.7 million Australians accessed their super early during COVID-19, withdrawing an average of $7500 from their retirement fund to help them through tough times.
To assist Australians get their super back on track, Money magazine's Super Booster initiative encourages Aussies to take more control of their super.
The Super Booster project centres on the importance of the three C's: Check, Consolidate and Contribute.
Checking your superannuation performance and fees, making additional contributions and consolidating multiple super accounts into one are three simple exercises that can be done to enhance members' retirement savings.
Super Booster is designed to show Aussies that small changes can make a huge difference. Following just one of these changes could improve your retirement balance by more than $700,000.
"What we're trying to bring to the front of people's minds is the scale of the benefits they will receive if they take a few easy actions today," says Money magazine editor-at-large Julia Newbould.
"Just contributing an extra $25 a week into super will add $100,000 extra to your super by retirement, according to research from Rainmaker Information."*
"Checking to see if you're in a strong performing fund could make you $730,000 better off*."
We are encouraging super funds to join us in spurring the nation into action. Money is proud to announce Hostplus, one of Australia's largest superannuation funds, both in terms of membership and funds under management, and MetLife, one of the world's largest insurers as our partners in our 2020 Super Booster initiative.
"The main objective of Super Booster is to educate members about the superannuation choices they have," Newbould says.
"These choices include selecting your investments, tailoring your personal insurance cover as well as choosing to partner with the fund that suits your personal circumstances the best.
"A little extra research could go a long way and the Super Booster project will show people how they can do this and where to start."
Money will be publishing handy tips to help Australians get on top of their super as part of the Super Booster campaign. Visit moneymag.com.au/superbooster and pick up the October and November issues of Money magazine.