Like a $110,000 retirement payout? Here’s what you must do

Like something better than a steady diet of baked beans, after you retire?

Of course you would.  However you must act now, to secure that goal.

Your instincts are right. You can’t trust anyone else to help you with that.
Particularly not politicians, lovely people though they may be.

The superannuation industry is urging Australia’s Federal politicians to adopt a bi-partisan policy on this issue.

Naturally, it wants that to include the steady move towards a 12 per cent compulsory superannuation levy, to replace the present one, which now stands at 9 per cent.

That’s not likely to happen.  Tony Abbott – and other senior Coalition  figures – argue that the higher levy would be a heavier burden than Australian employer should be expected to bear.

Besides the government’s plans, to raise the levy, depend on the 9 per cent super profits tax, that it intends to impose on Australia’s mining industry. That may never be seen, either.

The superannuation industry recognises all this – and more besides.

Especially that Australia’s political situation is likely to change, with a Federal election due later this year.

Why, though, should you wait for others,  when you need to  to secure your own financial future?

There are big items, that you should remember.

The first is that the Age Pension, itself, is meant to do no more than help people survive in retirement.

So what’s on offer?

The government is fond of reminding us that an Australian, now aged 30, and on average weekly earnings, can look forward to a payout of  $108,000 on retirement, if its plan to boost super is adopted.

This implies, of course, that you can expect even more than that, if you contribute another 3 per cent of your wages to your super, without  waiting for those notoriously unreliable politicians to actually decide what they would do.

All it takes is a note to your pay office.

Don’t delay, though.  The earlier you act, the bigger your super payout will be.