Getting Your Retirement Savings on Track

Getting Your Retirement Savings on Track

Depending on how much progress you’ve made toward your own retirement goals, you may be feeling better—or worse—about where you stand. If you’re not quite as close to your target as you’d like to be, taking a second look at your retirement plan can help you pinpoint the gaps.

Start by determining just how much you’ll need for retirement, based on your current spending and the standard of living you expect to maintain in retirement. Then look at your savings balances and how much you’re saving regularly. Are you maxing out your employer’s plan if you have one, or, at the very least, saving enough to get the company match? If not, you’ll need to think about increasing your contributions.

If you don’t have a solid plan, or you’re not already maxing out your contributions each year, you can supplement extra non concessional amounts into your superannuation. As superannuation laws are constantly changing, no decisions should be made about altering your superannuation structure with sound advice first. Talking with a financial professional can help you decide what is best and what steps you need to take next to achieve the kind of retirement savings you’re after.