4 super strategies for families

Financial educator Nicole Pedersen-McKinnon offers a few tips for families looking to maximise their super.

Maximising superannuation, or super, is crucial for families to secure their financial future. Here are four super strategies that families can employ to ensure they are making the most of this valuable asset:

1. Contribute Regularly: One of the most effective ways to boost your super balance is by making regular contributions. Families should aim to contribute extra funds whenever possible, whether through employer contributions, voluntary contributions, or salary sacrificing. By contributing consistently over time, families can take advantage of the power of compounding interest, allowing their super investments to grow exponentially.

2. Consolidate Accounts: Many individuals end up with multiple super accounts over the years due to changing jobs or life circumstances. Consolidating these accounts into a single fund can help families save on fees and better manage their investments. By consolidating, families can also gain a clearer picture of their overall super balance and investment strategy, making it easier to track their progress towards their retirement goals.

3. Review Investment Options: It's essential for families to regularly review their super investment options to ensure they are aligned with their risk tolerance and long-term financial objectives. Depending on their stage of life and investment preferences, families may choose to invest their super in a mix of asset classes such as stocks, bonds, and property. By regularly reviewing and adjusting their investment strategy, families can optimize their super returns and mitigate risk.

4. Maximise Government Benefits: Families should take advantage of any government incentives or benefits available to them to boost their super savings. For example, low and middle-income earners may be eligible for government co-contributions by making personal contributions to their super fund. Additionally, families may be able to benefit from spouse contributions or the government's super guarantee scheme. By understanding and maximizing these government benefits, families can accelerate their super savings without significantly impacting their day-to-day finances.

In conclusion, by implementing these four super strategies, families can take control of their financial future and build a solid foundation for retirement. By contributing regularly, consolidating accounts, reviewing investment options, and maximising government benefits, families can maximise their super savings and achieve their long-term financial goals.