5 tips to save faster for your future

Tip 1 – Ensure your employer is contributing to your super account

If your current employer isn’t making contributions into your super account, you could be forfeiting a comfortable future retirement.

Arranging for your employer to pay your super into your EISS Super account is easy, just send them an email with our details available at eisuper.com.au/choice.

Tip 2 – Make small regular contributions

While the 10.5% compulsory super contribution is a good start, if you want a comfortable retirement you may need to add a little extra. Speak to your employer about setting up regular salary sacrifice contributions from your before tax pay and boost your super while reducing your income tax. You can also make a personal super contribution and claim a tax deduction.1

To see how much additional contributions could help you boost your super, try our Contributions Calculator

Tip 3 – Find your super and bring it together

If you have multiple super accounts, it makes sense to combine them. This could help you cut down on fees and put the power of compounding interest to work for your money.

Before you combine your super, make sure you review any insurances you might have attached to your accounts, as these will be closed when you transfer your money out. Also check if there will be a loss of benefit or exit fee.

Bringing your super together is easy. Simply login to your online account and select Find My Super from the menu.

Tip 4 – Boost your super with a bonus

Expecting to come into some money this year? Why not contribute some or all of it to super? If you’re aged under 75, you may be able to make an after-tax contribution to super of up to $110,000 per year. Better yet, you may be able to utilise up to two years of unused caps to make a contribution of up to $330,000 (subject to eligibility requirements). 

To find out more about how you can boost your super with after-tax contributions, contact one of our financial planners on 1300 369 901 and select option 2.

Tip 5 – Make a spouse contribution

If your spouse earns less than $40,000 and you make a $3,000 contribution to their super, you may be eligible for a tax rebate of up to $540. For more information on spouse contributions, visit ato.gov.au.

If you’d like learn more about spouse contributions are right for you, contact one our financial planners on 1300 369 901 and select option 2.

1 Australian Taxation Office, ‘Personal super contributions’, ato.gov.au, 30 June 2022.