Matthew Webster (46) has a long way to go before he hangs up his hat, but he can already picture his retirement.
He plans to travel around Australia in a caravan with his wife - once he convinces her that it will be fun!
Matt has spent his career in the motor trades and is well on his way to making sure he has enough super to see the country in comfort. He joined MTAA Super as an apprentice in 1989 and now works in an automotive training role in NSW.
“I’m really happy I’ve been with MTAA Super. It’s the industry super fund for my trade and has been supporting careers in the automotive industry for over 25 years.”
“I’m still a long way off retirement, but I do think about what I will do when I stop working and how I will support myself and my family.”
Matt, like many Australians, is not alone in his concern. Thanks to changing work patterns and increased life expectancy, many of us will spend close to a quarter of our lives as retirees. For some, the age pension alone or relying solely on your employer’s super contributions may not be enough.
Leeanne Turner, CEO of MTAA Super, says it’s important that workers do what they can to help grow their super throughout their working lives.
“Too many workers are hands-off with their super. Retirement can feel like a lifetime away, so it’s easy to put super on the back burner. But there are a lot of ways you can actively grow your super now.”
She says one of the easiest and most effective ways is to make regular extra contributions.
“Small amounts can go a long way. Putting as little as an extra $10 per week into your super can add up to thousands over a 30+ year career.”
“This is because of the compounding nature of superannuation. With super, you don’t just grow your employer and voluntary contributions, you also grow the investment returns on these contributions. Every dollar you add to your super account boosts your super’s earning capacity."
Ms Turner also adds that making extra contributions is easy.
“It’s simple. Just ask your employer to set up a regular (pre-tax) salary sacrifice into your super, or make direct (after-tax) deposits into your super whenever you can afford to put a little aside.”
Take the next step
Disclaimer: This article is issued by Motor Trades Association of Australia Superannuation Fund Pty. Limited (ABN 14 008 650 628, AFSL 238 718) of Level 3, 39 Brisbane Avenue Barton ACT 2600, Trustee of the MTAA Superannuation Fund (ABN 74 559 365 913). The information provided is of a general nature and does not take into account your specific needs or personal situation. You should consider the MTAA Super Member Product Disclosure Statement (PDS) in making a decision.