[PDF] Super Scoop 2001 - QSuper - Queensland Government

SAVING IN
your 20s
SAVING IN
your 30s
Are your
other super
accounts
costing you
money?
Many of us only make basic superannuation
savings at this point and
direct most of our income to immediate
living needs and paying off loans.
Investments such as a managed
fund, which uses a fund manager’s
expertise to invest, can be good
savings tools as they provide ready
access to your funds when you
need them. Two of the important
benefits to remember about super
are that it is taxed concessionally,
meaning that more will be there for
your retirement, and you have the
certainty that your money will remain
in a superannuation fund until your
retirement.
your 20s
• Make a Will.
• Aim to save 15% of
earnings on top of your
super contributions.
• Join your old super
accounts together by
rolling them over.
• When investing, carefully
analyse fees and the
investment risk of
products you consider.
Paying off the mortgage, making
loan repayments and education
expenses are often the main things
we think about at this point and we
often struggle to meet these needs
and build a nest egg for holidays and
emergencies. Many families may also
be relying on a single income.
It is important to maximise the
super benefit you receive from your
employer. To do this, you should look
to pay 5% of your salary into QSuper
and get the benefit of your employer
paying up to 12.75% of your salary.
Although this may mean you have less
disposable income, it’s important to
focus on your retirement savings.
Tips for a secure future
your 30s
• You might wish to reduce
non-deductible debt (such
as car and home loans).
• Aim to save up to 10% of
earnings on top of your
super contributions.
• Make an Enduring Power of
Attorney so your affairs can
be taken care of by someone
you trust, if you become
unable to handle them
yourself.
• Nominate legal guardians
for your children.
continued over page
Recent research has shown that
Australian workers, on average,
have 2.8 different superannuation
accounts, due to having held
multiple jobs. For many people,
this means they are paying
unnecessary fees. QSuper
charges one of the lowest fees
of any superannuation fund in
Australia and, depending on the
amount, by rolling all of your
accounts into QSuper, you could
save yourself thousands of
dollars. Do you realise how much
difference paying higher fees can
actually make to your money? •
Over a 25 year period, just
a 1% p.a.
saving in fees on a
$100,000 account, will
mean an extra
$99,386 for you ...
virtually double the
amount in your account!
QSuper 2001 Annual report to members SUPERSCOOP 17