If you want to make your retirement savings last, it’s important to start now and make small changes to how you save. By doing this, you can get closer to the retirement lifestyle you want. This article will teach you how to make your super last longer and ensure that you never run out of money in your Golden Years.
Effective Ways to Boost Your Superannuation Fund
There are many ways to boost your superannuation fund, but not all of them are effective. If you want to make your super last longer, you need to focus on the strategies that will give you the biggest return on your investment. Here are the best ways to help you do just that:
1. Invest in a Diversified Portfolio
When it comes to investing in superannuation, diversification is key. By investing in a mix of assets, you can reduce your risk and maximise your returns.
A diversified portfolio will typically include a mix of shares, property, cash and fixed interest. Each asset class has different characteristics, which can help to offset the performance of other assets in your portfolio. For example, shares tend to be more volatile than cash, but over the long term, they have the potential to generate higher returns.
2. Make Regular Contributions
Making regular contributions to your superannuation fund is one of the best ways to boost your retirement savings. The sooner you start making contributions, the more time your money has to grow.
3. Invest in Growth Assets
Growth assets, such as shares and property, have the potential to provide high returns over the long term. If you’re looking to boost your retirement savings, investing in growth assets is a great way to do it.
If you’re ready to take the plunge, there are a few different growth assets you can consider investing in. Shares are a popular option, and there are several different ways to invest in them. You can buy shares directly or invest in a managed fund that gives you exposure to a range of different shares.
Property is another option for growth investors. You can buy an investment property, or invest in a property syndicate. Property can be a more hands-on investment than shares, so you need to ensure that you have the time and knowledge to take on this feat.
4. Take Advantage of Salary Sacrifice
Salary sacrifice is a great way to boost your superannuation savings. When you salary sacrifice, you contribute a portion of your pre-tax income to your superannuation fund. This reduces your taxable income, which can save you money on taxes.
5. Use a Self-Managed Super Fund
A self-managed super fund (SMSF) is a great way to take control of your retirement savings. SMSFs give you the flexibility to invest in a wide range of assets and tailor your investment strategy to your own needs.
There are a few things to consider before setting up an SMSF, such as whether you have the time and knowledge to manage the fund and whether you have enough money to set up and run the fund.
Conclusion
There are many ways to boost your retirement savings. The key is to start early and make regular contributions. By doing this, you can build up a nest egg that will last you through your retirement years and make it something you can truly look forward to.
If you need finance tips and tricks, come to New Wave Financial Planning! We are embracing the best technologies to tailor the advice process to each and every client. Based on the Gold Coast, we look after clients both locally and nationwide.
