Super in focus
Retirement plans on the agenda
for 45 to 54 years olds
With retirement getting closer, you’re probably starting to think more carefully about life after the workforce. Now is the time to make the smart choices that will help make your retirement years the best of your life. Here are a few easy steps you can take to get your super in good shape.
PSS members look to the finish line
Deciding when you’d like to finish work and what you’re going to need for your retirement will help you plan your super choices between now and then. To make sure you’re on the right track, have another look at Contributing members future needs and ask yourself the important questions.
Online estimator helps PSS members plan
As you get closer to retirement, you’ll be able to get a clearer picture of what your final benefit is likely to be. The online PSS i-Estimator in Member services online will let you see if you’re on track to achieve your lifestyle targets, or if there’s still more that you need to do.
Small contributions add up to big savings
Unlike most other super funds, in the PSS investment returns largely don’t affect your final super benefit. Instead, it is the rate at which you choose to contribute that makes the biggest difference.
You can choose to contribute between 2% and 10% of your after-tax salary, or you can choose not to contribute at all. But the more you contribute, the bigger your final benefit will be. For more information on your PSS contributions, check out the Contributing to the PSS fact sheet.
You can change your contribution rate at any time by completing the Change your contribution rate form.
Government offers super co-contribution to boost retirement savings
If your total income is less than $61,920*, and you chose to contribute between 2% and 10% of your after-tax salary, you may qualify for the government’s super co-contribution. If you do, the government will contribute up to one dollar for every dollar of after-tax income you put towards your super, up to a maximum of $1,000. Our Super co-contributions fact sheet has more information on how to qualify and how much you can get.
*Subject to eligibility requirements and caps which are explained in the fact sheet.
Super strategies target upcoming retirement
You can get more information about the PSS and the right super strategies for this stage in your life by visiting the Lifestages page online.
‘With the kids finishing school and moving out of home we found we had a bit more money to spare, so we decided to increase our contribution rate from 2% to 10%. We don’t really notice the difference now but we know that putting that extra money aside will give us more peace of mind when we decide to stop working in the next few years.’– Graham and Laura, 50
