Boost it

 

Why boost your super?

Everyone’s retirement dream is different, but the one thing that’s the same is that we all want to live comfortably in retirement.

The experts pretty much all agree that your employer’s contributions alone probably won’t be enough to give you a comfortable lifestyle in retirement. That’s why you need to put extra money into your super throughout your working life.

     

    Explore your contribution options

    See for yourself how putting in extra can make a difference to your future balance – explore your contribution options with this easy to use Calculator.

    Contributions count!

    It’s never too early or too late to start putting extra money into your super.

    And just a little bit extra each week can make a huge difference in the long run, especially if time is in your side.

    • JASON
      Stevedore – 30

      If Jason puts $50 extra a week into his super until he retires he will have an additional

      $246,547
    • MARYANNE
      Administrative Assistant – 40

      If Maryanne puts $50 extra a week into her super until she retires she will have an additional

      $129,513
    • GREG
      Seafarer – 50

      If Greg puts $50 extra a week into his super until he retires he will have an additional

      $58,100

    Assuming a 5% return pa and retirement age of 65.

     

    There’s more than one way to boost your super

    Regular weekly payment

    Regular contributions are a great way to put in a little extra, without really noticing it too much in your pay packet.

    All you need to do is ask your employer to pay part of your wage directly into your super. You can make payments before tax (this is known as salary sacrifice) or after tax.

    When you make before-tax contributions* you don’t pay income tax on the money going into your super. Instead, that money is taxed at just 15% (which is lower than the income tax most people pay). However, there are limits to how much money you can put into your super at this tax rate.

    After-tax contributions* is money that you put into your super after income tax has been paid. There is no extra tax paid on this money when it goes into your super account, as it has already been taxed. 

    To start making regular contributions complete the Voluntary contributions form.

    * Limits apply – learn more about contribution caps.

    One-off payment

    If you’ve come into some cash, a one-off payment into your super is a great boost for your future income.

    You can put in extra money toward your super at any time using BPAY, direct deposit or by cheque.

    To make a one-off payment, complete the Direct Deposit form and transfer the money using:

     

    BPAY BPAY Biller Code 102012
     

    Customer Reference Number

    Direct Deposit Account name: Maritime Super
      BSB: 083 001
      Account number: 17 072 2401
      Reference:

    Your member number, surname and contribution type

    Cheque Send a cheque payable to Maritime Super to:
    Maritime Super
    Locked Bag 2001
    QVB Post Office NSW 1230 

     

    Spouse contributions

    Spouse contributions build up your super as a couple and offer tax offsets – it’s a win win.

    If your partner earns less than $13,800 a year, you can put in extra money into their account, known as a spouse contribution. If you do this, you could be eligible to get a tax offset of up to $540. It’s a great way to make sure that one partner’s super doesn’t suffer if they are working reduced hours, on maternity or paternity leave, or unable to work.

    Government contributions

    They say you can’t get anything for free – but when it comes to super, the Government’s willing to lend a helping hand to Australians on lower incomes.

    If you earn less than $51,021 a year, you might be eligible to get free super from the Government through either the Co-contribution or the Low Income Superannuation Tax Offset.

     

    Don’t know where to start?

    We’re here to help.

    Call us on 1800 757 607 to talk to a Financial Planner about your options.

     

    Learn more