Like most things in life, the best way to secure your financial future is to start with clear goals in mind.
HOW WELL DO YOU KNOW YOUR SUPER SITUATION?
When it comes to superannuation, a little now can go a long way towards a comfortable retirement.
Many of Australians make the mistake of ignoring their super until it’s almost time to draw on it. But if you take extra work to track your super often, you will reach retirement with adequate funds to satisfy a comfortable standard of living.
This is where knowing your position and tracking your compounding interest becomes so important. Let’s say your current super balance is $100,000. At a rate of 10% growth, you could make an additional $10,000 on the money you invested. And if you were to keep it invested, you would then receive returns on $110,000 instead of the original $100,000 for the next year.
With this in mind, consider how much you could boost your balance over 5, 10, 20 years.