In the previous blog, we looked at the ‘profit first’ theory which is the same as ‘paying yourself first’. This means putting money into your superannuation fund from your pay check before you spend money on anything else.
A major part of pre-retirement planning is focused on growing or increasing retirement savings using available cash flow. Two of the main ways to do this include paying down debt, or contributing to superannuation. To compare these properly we need to look at all of the factors that will affect this decision, such as:
For most people, the contributions they receive to their superannuation fund from their employer will make up a significant portion of their retirement savings. Which makes recent research from Industry Super Australia and Cbus Super even scarier to think about… they found that employers across Australian have kept $3.6 billion per year in super entitlements from 2.4 million workers. This is around a third of all employees in Australia!
Dallas Davison, Michael Hogue and Ali Hogue.
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